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Another rally in tech companies after an artificial intelligence-driven rout drove stocks higher ahead of economic data that will help shape the Federal Reserve outlook. Gold topped $5,000. The dollar fell.

Following a surge that added $1 trillion to the S&P 500’s value at the end of last week, the index kept rising to approach its all-time highs. The technology firms that were at the center of a bruising slide continued to bounce. A gauge of chipmakers climbed 1.4% while an ETF focused on software names extended a back-to-back advance to almost 7%. Oracle Corp. jumped 9.6%.

In order to finance its AI ambitions, Alphabet Inc. is set to raise $20 billion from a US dollar bond offering — more than the $15 billion expected — and is also pitching investors on what would be its first ever offerings in Switzerland and the UK. The latter would include a rare sale of 100-year bonds.

Traders are also gearing up for a busy week of economic data that include the two most-consequential snapshots — employment and inflation.

The jobs report - due Wednesday - is expected to show payrolls rose 69,000 in January. The unemployment rate is seen steady at 4.4%. The data will also include historical revisions that are anticipated to show a sizable downward adjustment to payrolls in the year through March 2025.

Today's show features:

Stuart Kaiser, Head of US Equity Trading Strategy at Citi, on the tug-of-war between market momentum and seasonal trends
Bloomberg News Health Reporter Madison Muller on Novo Nordisk suing Hims and Hers Health for making knock-offs of its obesity medicines
Joyce Huang, Senior Client Portfolio Manager with American Century Investments, on the fixed income market and the key drivers for near-term equity market returns
Denise Paulonis, President and Chief Executive Officer of Sally Beauty Holdings, on quarterly earnings and the health of the consumer

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S&P 500 Closes Near Record as Tech Keeps Rallying

Bloomberg Businessweek