• Major U.S. indexes gained midday Monday as tech stocks edged higher.

• Nvidia and Apple supplier Foxconn both posted strong fourth-quarter results, lifting shares of Nvidia and other chip companies.

• Shares of FuboTV soared after the streaming service announced it would merge with Walt Disney, teaming up with Disney’s Hulu + Live TV.

Major U.S. indexes gained midday Monday as tech stocks edged higher. The S&P 500 and Nasdaq rose more than 1%, and the Dow also rose.

Chip companies led the best-performing stocks in the S&P 500 after Taiwan’s Foxconn, which is an Apple supplier (AAPL), Nvidia (NVDA), and other tech giants, reported record sales in the fourth quarter on demand for artificial intelligence (AI). Nvidia shares neared an intraday record high.

FuboTV Shares (FUBO) took off after the streaming service announced it would merge with Walt Disney (DIS), teaming up with Disney’s Hulu + Live TV. Disney shares also rose.

American Airlines (AAL) advanced as analysts at Jefferies and TD Cowen upgraded the stock and raised their price targets, citing strong earnings expectations.

T-Mobile US (TMUS) fell after downgrades by RBC and Wells Fargo, warning about the mobile phone service provider’s valuation and slowing growth.

CME Group (CME) also fell, as concerns about slowing growth led analysts at Citi to downgrade and cut their price target.

Oil futures rose and gold prices fell. The yield on the 10-year Treasury note rose. The US dollar rose against the yen, but lost ground against the euro and the pound. Most major cryptocurrencies are traded in the greenback.

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