US stock market today: Wall Street rebounded on Monday as shares of chipmakers and other companies that have benefited from the artificial intelligence boom recovered after recent sharp declines.The S&P 500 advanced 0.6%, following its first weekly loss in three weeks and only its third weekly decline since the end of March. As of 9:35 a.m. Eastern time, the Dow Jones Industrial Average had gained 122 points, or 0.2%, while the Nasdaq Composite climbed 1%.Nvidia rose 1.9%, helping lift the broader market after being the biggest drag on the S&P 500 during Friday’s session. Sandisk also recovered, jumping 6.7% after sliding 29% over the previous week.AI-linked stocks have faced sustained selling pressure in recent weeks amid concerns that valuations had risen too rapidly during the excitement surrounding artificial intelligence. While companies supplying AI chips and data centres continue to generate billions of dollars in revenue as customers ramp up spending, investors remain concerned that such investment could slow if AI fails to deliver the expected gains in profitability and productivity.Investors may soon receive fresh indications on that front as several of the largest AI spenders prepare to announce quarterly results. Alphabet is scheduled to report on Wednesday, when it will disclose its spring-quarter earnings and provide updates on its artificial intelligence initiatives.The earnings season is also placing pressure on companies across industries—not just technology—to deliver strong profit growth for the spring quarter, as lofty share prices will need to be supported by solid financial performance. Major stock indices remain close to record highs despite recent volatility driven by AI-related stocks.AMC Entertainment surged 11.6% after reporting quarterly revenue that exceeded analysts’ expectations. The cinema chain also said some of its theatres in Los Angeles and other cities screened The Odyssey continuously for more than 85 hours between Thursday and Sunday to meet strong demand.Domino’s Pizza gained 4.2% after posting stronger-than-expected spring-quarter revenue. CEO Russell Weiner said the company recorded growth in both carryout and delivery orders despite the broader industry continuing “to face pressure on consumer demand.”Much of that strain on consumer spending continues to stem from elevated inflation, driven largely by high fuel prices. Although last month’s inflation reading came in below economists’ expectations, rising oil prices could push inflation higher again if the current trend persists.Earlier this month, Brent crude had fallen below $72 a barrel, returning to roughly the level seen before the Iran conflict began. However, prices have climbed again as hostilities in the Middle East continue.During Monday’s trading, Brent crude fluctuated sharply between about $86 and $91 a barrel before easing 0.4% to $87.76.Concerns over rising oil prices and persistent inflation have also pushed Treasury yields higher, raising fears that tighter financial conditions could slow economic growth and weigh on stocks and other asset prices.The yield on the benchmark 10-year US Treasury note edged up to 4.56% from 4.55% at Friday’s close and has risen from 3.97% before the outbreak of the Iran conflict. Higher bond yields have already lifted the average rate on 30-year mortgages to its highest level in almost a year.European equity markets traded modestly lower.Losses were more pronounced across Asia, where South Korea’s Kospi declined 4.5%. The benchmark has experienced particularly large swings because of its heavy exposure to technology giants Samsung Electronics and SK Hynix, both major beneficiaries of the AI boom.
