The U.S. stock market rose on Monday, spurred by a jump in tech stocks and renewed expectations that the Federal Reserve may slash its benchmark interest rate at its December meeting.

The S&P 500 climbed 108 points, or 1.6%, while the Dow Jones Industrial Average rose 294 points, or 0.6%, as of 2:10 p.m. EDT. The tech-heavy Nasdaq composite climbed 2.7%.

Companies with investments in artificial intelligence saw gains on Monday. Alphabet, which has been getting praise for its newest Gemini AI model, rallied 5.5% and was one of the strongest forces lifting the S&P 500. The jump in tech stocks comes as investors continue to assess the potential of AI-focused businesses, even as questions remain about whether an AI bubble is forming.

AI chipmaker Nvidia gained 2.1%.

Stocks also rose on

See Full Page