June 13, 2024
Stock Market

Wall Street Gears up for Big Week of AI Updates


  • US stocks traded mixed on Monday after last week’s rally to record highs. 
  • Investors are preparing for a big week of AI updates, with Nvidia earnings on deck.
  • Microsoft is set to unveil new product and AI updates at its 2024 Build conference.

US stocks were mixed on Monday, wavering slightly after last week’s run to record highs in the wake of an encouraging April inflation report. 

Investors’ main focus this week will be on artificial intelligence, with Nvidia earnings set to be released after the market close on Wednesday. Investors expect the company to report quarterly sales of nearly $25 billion, which is about four times the $6.5 billion in revenue it did in the year-ago quarter.

Microsoft’s 2024 Build Conference is the other big AI event of the week, and will showcase new hardware and software products from the company.

“We expect Microsoft to push Copilot further into its consumer/enterprise product stack and more integration with Excel, Teams, Word along with new Surface products and Windows features front and center,” Wedbush analyst Dan Ives said in a Monday note.

On the economic front, investors will be hearing from nine Federal Reserve officials on Monday and Tuesday. Data releases this week include the minutes from the Fed’s May FOMC meeting, existing home sales on Wednesday morning, and PMI data on Thursday.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Monday: 

Here’s what else is going on today:

In commodities, bonds, and crypto: 

  • West Texas Intermediate crude oil dropped 0.68% to $79.04 a barrel. Brent crude, the international benchmark, fell 0.60% to $83.48 a barrel. 
  • Gold edged higher by 0.26% to $2,423.70 per ounce. 
  • The 10-year Treasury yield rose 2 basis points to 4.44%. 
  • Bitcoin jumped 1.18% to $67,051. 



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