Amazon Boosts S&P 500 Amid Trade Talks and Tech Investments

The S&P 500 experienced an uplift on Monday, driven notably by increases in Amazon and Alphabet, as investors closely monitored the ongoing U.S.-China trade negotiations. High-level officials from both countries initiated discussions to re-align on a recently conceptualized trade agreement aimed at resolving the year-long market uncertainties.

In a noteworthy move, Amazon.com revealed plans to invest over $20 billion in expanding data centers across Pennsylvania, underscoring its commitment to advancing its artificial intelligence prowess. This disclosure coincided with an uptick of more than 1% in both Amazon and Google parent company Alphabet, significantly contributing to the S&P 500's upward trajectory.

Amidst these market dynamics, the S&P 500 index saw a 0.30% rise, while the Nasdaq composite and the Dow Jones Industrial Average reported gains as well. Sectorally, materials and energy led the rally, buoyed by expectations of progressive trade deals and optimistic corporate earnings. Moreover, investors are bracing for key economic data releases and signs of inflationary movements due to trade tariffs.

(With inputs from agencies.)