U.S. stock markets edged higher on Monday, even as other asset classes saw sharper movements, highlighted by gold prices surging to another record.
The S&P 500 gained 0.5%, recovering from losses recorded last week. The Dow Jones Industrial Average rose 313 points, or 0.6%, while the Nasdaq composite advanced 0.4%.
Shares of Baker Hughes jumped 4.4% after the company reported quarterly profits that exceeded analysts’ expectations. The energy technology firm said strong demand for liquefied natural gas continued to drive its performance.
CoreWeave shares climbed 5.7% after Nvidia announced a $2 billion investment in the company and said it would support the expansion of CoreWeave’s artificial intelligence facilities by 2030. The factories rely on Nvidia chips to boost AI adoption. Nvidia’s own shares slipped 0.6%.
USA Rare Earth surged 7.9% after the company said it secured $277 million in federal funding from the U.S. government to support production of heavy rare earths, minerals and magnets. The Trump administration also agreed to a proposed $1.3 billion loan, while the company raised an additional $1.5 billion from private investors.
Much of the broader Wall Street session remained subdued, including uneven trading among airline stocks after a winter storm forced the cancellation of thousands of flights across large parts of the United States. Delta Air Lines slipped 0.7%, while Southwest Airlines edged up 0.2%.
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Overall, the S&P 500 advanced 34.62 points to 6,950.23. The Dow Jones Industrial Average gained 313.69 points to 49,412.40, and the Nasdaq composite rose 100.11 points to 23,601.36.
Stronger momentum was seen in precious metals. Gold prices jumped 2.1% and briefly crossed $5,100 an ounce for the first time, setting a new record. Silver posted an even sharper move, ending 14% higher.
Demand for precious metals has climbed as investors seek safer assets amid tariff threats, persistent inflation, political tensions and rising global debt. Fresh concerns followed President Donald Trump’s warning of a 100% tariff on Canadian goods if Canada signs a free trade agreement with China.
The U.S. dollar continued to weaken against major currencies, while the Japanese yen surged on expectations of possible market intervention. More volatility may lie ahead as the Federal Reserve prepares to announce its interest-rate decision on Wednesday, alongside key earnings reports from major U.S. companies.