Nasdaq, S&P 500 rise on chips, megacaps boost
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The Nasdaq and the S&P 500 inched up on Monday as falling US Treasury yields boosted megacap growth stocks. Megacap stocks including Apple, Meta, and Alphabet gained between 1.1% and 1.7%. AI leader Nvidia rose 3.4% and announced the rollout of its next-generation AI chip platform in 2026. GameStop shares soared 26.8% after a US$116 million bet on the gaming retailer by stocks influencer Keith Gill. NYSE Equities is investigating a reported technical issue that caused volatility pauses for dozens of stocks. A survey from the Institute for Supply Management showed manufacturing activity eased to 48.7 in May. The S&P 500 and the Nasdaq ended May with strong gains. Attention turns to crucial data this week, including surveys on the manufacturing and services sector, factory orders, and the nonfarm payrolls report. At 10.14am ET, the Dow Jones Industrial Average was down 0.12%, the S&P 500 was up 0.22%, and the Nasdaq Composite was up 0.62%. Paramount Global rose 7.1% after a report that Skydance Media was poised to take over the company. JetBlue Airways forecast a smaller drop in second-quarter revenue than previously forecast. Advancing issues outnumbered decliners on both the NYSE and the Nasdaq.

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