Cheaper oil hands Wall Street its best session in seven months, with Nvidia the one big name left behind
The S&P 500 gains 2.3 percent after Brent falls almost 6 percent, as investors take heart from signs that new strikes on Iran are unlikely.
US stock markets recovered most of last week's losses on Monday. The S&P 500 climbed 2.3 percent to 7,549.94 points, its strongest day since April, AP reports. The Dow Jones gained 1,104 points or 2.2 percent and the tech-heavy Nasdaq 2.7 percent. Last week prices had tumbled on fears that the Democratic gains in the midterm elections would slow the construction of AI data centres.
The main boost came from the oil price. A barrel of Brent fell 5.8 percent to 92.57 dollars, having cost more than 112 dollars at the start of the month. Donald Trump told CNN that resuming strikes on Iran was highly unlikely if negotiations make progress. Markets in Europe and Japan also rose: the CAC 40 in Paris gained 1.2 percent and the Nikkei 2.3 percent. The US ten-year yield held steady at around 4.87 percent.
Chipmakers led the rally: AMD rose 13.3 percent and Broadcom almost 9 percent, StockTitan reports. Nvidia went the other way, losing 4.3 percent after its board announced an investigation into reports that chief executive Jensen Huang had been targeted by a foreign intelligence service. That wiped about 192 billion dollars off the chipmaker's market value.