Wall Street's Weekly Rally: Tech Giants Lead the Charge

Wall Street's main indexes saw a positive start to the week with a focus on AI giant Nvidia's earnings and the resumption of government data releases. Alphabet's shares rose significantly due to Berkshire Hathaway's new stake. Despite this momentum, uncertainty around Federal Reserve rate cuts persists.

Wall Street's futures opened higher on Monday, signaling a bustling week ahead as markets await Nvidia's earnings and renewed data from government agencies. Alphabet led the gains, climbing 5.6% in premarket trading after Berkshire Hathaway disclosed a $4.3 billion stake, in contrast to a reduced stake in Apple.

Nvidia nudged 0.4% upward, with quarterly earnings anticipated post-market on Wednesday. AI-focused stocks have uplifted Wall Street this year. By 5:02 a.m. ET, S&P 500 E-minis rose by 29.5 points, Nasdaq 100 by 173.5 points, and Dow E-minis by 55 points, as weekly earnings reports from retail giants loom.

Despite a nearing end to the quarterly earnings season, 82.7% of S&P 500 firms exceeded profit forecasts. With a recent government shutdown concluded, vital data releases, including the delayed September jobs report, are anticipated. Fed policy discussions remain a focal point as rate cut expectations waver.

(With inputs from agencies.)