A rally in big tech sent U.S. stocks higher at the start of a week that will bring key inflation data and bank earnings.

The Nasdaq 100 outperformed, with Nvidia Corp. surging after announcing new products to help the personal computer industry lure consumers with artificial-intelligence PCs. Boeing Co. sank as its 737 Max 9 model was temporarily grounded by authorities. Treasury yields fell alongside the dollar. Oil slid to around $70.

Equities rebounded after mixed U.S. economic data capped a week that saw equities sink the most since October on bets the Federal Reserve was in no rush to cut rates.

“The valuation-led year-end rally pulled potential gains from 2024 into 2023, making this a tricky year to prognosticate — especially as data are becoming more mixed and futures markets show that Fed rate cuts are already factored in,” said Robert Teeter, managing director of Silvercrest Asset Management.

Corporate Highlights:

• A.P. Moller - Maersk A/S and Hapag-Lloyd AG denied any pact with Yemen’s Houthi rebels to facilitate the safe movement of vessels through the Red Sea.
• Lululemon Athletica Inc., Abercrombie & Fitch Co. and American Eagle Outfitters Inc. raised their sales outlooks on the back of a strong holiday quarter.
• Moderna Inc.’s product sales for 2023 modestly beat analyst estimates as it eked out a bigger U.S. market share for Covid shots, though the biotech giant reiterated a downbeat outlook for the year ahead.
• Boston Scientific Corp. agreed to pay $71 a share in cash for medical technology firm Axonics Inc., a maker of devices to treat urinary and bowel dysfunction.
• Johnson & Johnson will pay $2 billion in cash to acquire Ambrx Biopharma Inc., gaining a developer of widely sought drugs that target tumors with lethal drugs.

Key events this week:

• China aggregate financing, money supply, new yuan loans, Tuesday
• Eurozone unemployment, Tuesday
• Germany industrial production, Tuesday
• Japan Tokyo CPI, household spending, Tuesday
• U.S. trade, Tuesday
• U.S. wholesale inventories, Wednesday
• The World Economic Forum’s global risks report is released, Wednesday
• New York Fed President John Williams speaks, Wednesday
• U.S. CPI, initial jobless claims, Thursday
• China CPI, PPI, trade, Friday
• UK industrial production, Friday
• U.S. PPI, Friday
• Some of the biggest U.S. banks report fourth-quarter results, Friday
• Minneapolis Fed President Neel Kashkari speaks, Friday
• ECB chief economist Philip Lane speaks, Friday

Some of the main moves in markets:

Stocks

• The S&P 500 rose 1.4 per cent as of 4 p.m. New York time
• The Nasdaq 100 rose 2.1 per cent
• The Dow Jones Industrial Average rose 0.6 per cent
• The MSCI World index rose 0.9 per cent

Currencies

• The Bloomberg Dollar Spot Index fell 0.2 per cent
• The euro rose 0.1 per cent to $1.0956
• The British pound rose 0.3 per cent to $1.2753
• The Japanese yen rose 0.3 per cent to 144.14 per dollar

Cryptocurrencies

• Bitcoin rose 5.8 per cent to $46,809.01
• Ether rose 4.4 per cent to $2,340.35

Bonds

• The yield on 10-year Treasuries declined four basis points to 4.01 per cent
• Germany’s 10-year yield declined two basis points to 2.14 per cent
• Britain’s 10-year yield declined one basis point to 3.77 per cent

Commodities

• West Texas Intermediate crude fell 3.8 per cent to $71.01 a barrel
• Spot gold fell 0.9 per cent to $2,027.70 an ounce

This story was produced with the assistance of Bloomberg Automation.