(Reuters) – Wall Street closed sharply higher on Monday as investors awaited inflation data likely to hint at the path of the Federal Reserve’s future interest rate hikes, while Meta Platforms gained after a report that the Facebook parent was planning fresh layoffs.
Meta jumped about 3% after the Financial Times reported on Sunday that the company was preparing to announce a new round of job cuts, adding to layoffs last November.
Microsoft rose more than 3%, Nvidia gained 2.5%, and Apple and Amazon each rose over 1%. Along with Meta, those tech-related heavyweights contributed more than any other stocks to the S&P 500’s gains during a trading session that saw light volume.
Helping lift Microsoft, Stifel raised its price target on the software company and said it is clearly looking to upend Alphabet’s Google search dominance through its integration with ChatGPT.
Investors are laser-focused on January inflation data due on Tuesday to reassess…