U.S. stocks edged higher on Monday, with the S&P 500 up 0.5% and the Nasdaq gaining 0.9%. Japan’s Nikkei 225 hit a record high after a significant election victory. Concerns remain about market valuations and the profitability of AI investments by Big Tech.

Chip companies like Nvidia and Broadcom drove the market higher, while Kroger climbed after naming a new CEO. Transocean announced a $5.8 billion deal to acquire Valaris. Hims & Hers fell 16% following a lawsuit from Novo Nordisk.

Novo Nordisk’s U.S. stock rose 3.6%, and Workday fell 5.1% after its CEO stepped down. The S&P 500 closed at 6,964.82, the Dow Jones at 50,135.87, and the Nasdaq at 23,238.67.

Treasury yields remained steady ahead of key economic reports this week. Expectations for Federal Reserve interest rate cuts continue to support market optimism. Gold and silver prices rose, while Bitcoin hovered around $71,000. Asian markets surged, with gains in Europe more modest.

Read more at Yahoo Finance: US stocks drift higher as gold, silver and bitcoin stabilize