Meta, tech stocks push indexes higher as oil prices slide

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomeInvestorMeta, tech stocks push indexes higher as oil prices slideThe S&P 500 Index traded up 1.3% at 12:45 p.m. in New YorkAuthor of the article:Last updated 10 minutes ago Stock market numbers are displayed on the floor of the New York Stock Exchange during afternoon trading on September 03, 2026 in New York City. Photo by Michael M. Santiago/Getty ImagesStrength in the tech sector spurred U.S. stock benchmarks to extend gains midday Monday as oil prices slide and officials signalled optimism about a summit between U.S. President Donald Trump and China’s Xi Jinping this week.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountThe S&P 500 Index traded up 1.3 per cent at 12:45 p.m. in New York for its biggest intraday gain in over a month, with 10 of the 11 industry groups advancing. Facebook-owner Meta Platforms Inc. was the biggest contributor to the S&P 500’s advance on Monday thanks to optimism surrounding its AI offering called Muse. The tech-heavy Nasdaq 100 Index climbed 2.5 per cent while the Dow Jones Industrial Average rose 0.7 per cent.“AI stocks are exploding higher and the main catalyst seems to be Meta Muse optimism amid indications of strong demand for the app,” said Vital Knowledge founder Adam Crisafulli, adding that Muse is more “CPU-intensive” than other AI technologies, which helped spur a rally in Intel Corp. on Monday.Canada's best source for investing news, analysis and insight.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Investor will soon be in your inbox.We encountered an issue signing you up. Please try againDeclining oil prices and the potential of easing geopolitical tensions also helped to lift stocks. Traders had turned negative on tech when The Wall Street Journal reported on Friday that Anthropic would push back its IPO to November. Citigroup Inc. CEO Jane Fraser said Sunday that companies are racing to build up defenses as advanced artificial-intelligence models raise the risk of cyber attacks.Meanwhile, U.S. Treasury Secretary Scott Bessent described weekend meetings with China’s top trade negotiator Li Chenggang as “very successful.” Those meetings come ahead of a summit between the countries’ leaders this week.Trump also said he would be willing to meet with his Iranian counterpart Masoud Pezeshkian at the United Nations General Assembly this week in New York. Oil prices slipped below US$100 a barrel as U.S. Central Command said flows through the Strait of Hormuz are at a six-month high.Strategists at JPMorgan led by Mislav Matejka said the market may continue to see some volatility “in the very short term” as the Iran war and a seasonally challenging month of September drag on. In a Monday note, they said that investors can expect “October will see markets realigning with the fundamental backdrop more closely, and here we see the supportive setup persisting.”Last week, the United States Federal Reserve raised interest rates by a quarter of a point for the first time since 2023, with policymakers citing the possibility of more hikes ahead to tame inflation. Strong earnings, however, appear to be enough to counter the threat of higher borrowing costs, according to some market pundits.“The equity market and growth is going to be so resilient that 50 basis points or maybe even 75 is not going to derail the rally,” Ulrike Hoffmann-Burchardi, chief investment officer of global equities for UBS Global Wealth Management, said in an interview on Bloomberg TV.In company-specific news, Paramount Skydance Corp. has reached a settlement with California and other states suing to block its proposed acquisition of Warner Bros. Discovery Inc., according to a person familiar with the matter. Shares of the companies gained at least 9% each.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Chicago Federal Reserve President Austan Goolsbee said Monday morning that restoring price stability won’t be painless and the central bank shouldn’t ignore persistent shocks. An activity index report from the Chicago Fed is expected later Monday.Key economic data due to be released this week include manufacturing PMI on Wednesday, initial jobless claims on Thursday and a University of Michigan survey on sentiment and inflation expectations on Friday.Among notable single-stock movers, Accenture Plc shares climbed after striking an agreement to safety test Anthropic’s AI intelligence models.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.