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Tech stocks jumped on Monday ahead of a key Federal Reserve rate decision, as investors set aside worries about stalled interest rates to focus on hopes around AI developments.

The benchmark S&P 500 (^GSPC) gained 0.6%, while the techheavy Nasdaq Composite (^IXIC) surged 0.8%. The Dow Jones Industrial Average (^DJI) added roughly 0.2% as stocks wholly rebounded from recent losses.

Stocks have notched two weeks of declines in a row as hotterthanexpected inflation and other data surprises dented faith in a policy pivot by the Fed.

All eyes are now on the Fed's March meeting starting Tuesday, watching for whether policymakers still expect to cut rates three times in 2024. Expectations are for the central bank to keep rates unchanged at a 23year high in its decision on Wednesday.

Techs rose, buoyed by AI buzz as chipmaker Nvidia's (NVDA) annual developer conference kicked off on Monday. Meanwhile, Alphabet (GOOG) (GOOGL) shares climbed after a Bloomberg report that Apple (AAPL) is in talks to build Google's Gemini AI engine into its next iPhone.

Investors are looking out for the public market debut of Reddit on Thursday under the ticker "RDDT" for insight into whether the market for new issues is reviving. The IPO is said to be as much as five times oversubscribed.

Elsewhere, the market is widely expecting the Bank of Japan to ditch its negativerate policy and hike on Tuesday. Japan's Nikkei (^N225) jumped 2% as investors welcomed the prospect.

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