Investing.com -- The S&P 500 rose slightly Monday, led by Amazon (NASDAQ:AMZN) and a rise in energy stocks, but bullish bets on stocks were few and far between as jump in Treasury yields weighed on sentiment.
The S&P 500 rose 0.1%, the Dow Jones Industrial Average fell 0.1%, 34 points, Nasdaq rose 0.1%.
{{0|Amazon boosts AI push with up to $4B Anthropic investment
Amazon.com Inc (NASDAQ:AMZN) said it would invest up to $4 billion in the artificial intelligence start-up Anthropic --which develops generative AI technology including large language model-based chatbots like ChatGPT that will be to Amazon Web Services customers.
“The agreement has the potential to accelerate adoption and deployment of additional generative AI capabilities to AWS customers and should ease investor concerns that Amazon has been less proactive than its peers in its approach to generative AI, in our view,” Wedbush said in a note.
Alphabet Inc Class A (NASDAQ:GOOGL) also has a roughly 10% stake in Anthropic after making a $300 million investment earlier this year.
Energy stocks shrug off wobble in oil prices
Energy stocks rose more than 1% to support the broader market even as oil prices stumbled as investors assessed the impact of the higher for longer rates on the economy and energy demand.
EOG Resources Inc (NYSE:EOG), Coterra Energy Inc (NYSE:CTRA), Baker Hughes Co (NASDAQ:BKR) were among the biggest energy gainers on the day.
U.S. 10-year yield hits highest since 2007 ahead of key economic data
The United States 10-Year yield rose to highest level since 2007 as investors look ahead to remarks by Federal Reserve speakers and key economic reports this week including inflation data that will play a role in Fed’s thinking on monetary policy.
The calendar for the week includes various Fed speakers and the personal consumption expenditure price index data due Friday. Fed Chair Jerome Powell is scheduled to speak on Thursday and New York Fed President Williams on Friday.
U.S. Government shutdown looms
Concerns about a U.S. government shutdown continue to grow as Congress has yet to pass any spending bills that are needed to fund the government beyond the Oct. 1.
"There is still time to avert a shutdown, but with less than a week to pass a short-term spending bill needed to keep the government open past the new fiscal year beginning October 1, most are skeptical there is the will to negotiate, and quickly," Stifel said in a note.
Credit rating agency Moody’s said that while a U.S. shutdown would have negative implications for the nation’s credit worthiness, the economic impact would be short-lived.