Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) secured new intraday all-time highs yet again on Monday as the stock market continues to push higher.
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However, both indexes opened in negative territory after the Trump administration announced that it would hike the H-1B visa price to $100,000. The visa allows American businesses to employ skilled foreign workers in sectors such as technology and engineering. Over the weekend, U.S. companies scrambled to contact employees who were abroad, urging them to return to the U.S. Later, the White House clarified that the price hike would not affect existing H-1B visa holders.
India’s government has spoken out against the move, arguing that it could result in “humanitarian consequences by way of the disruption caused for families.” Indian workers have accounted for 70% of H-1B visas in recent years, followed by Chinese workers at 12%.
Furthermore, President Trump is set to announce later today that leucovorin has shown promise in treating autism. Leucovorin isn’t new — the low-cost, generic drug is generally used to treat side effects of cancer treatments, although early studies have shown that it may improve communication in children with autism.
“I think you’re going to find it to be amazing,” Trump said on Sunday. “I think we found an answer to autism.”
In addition, the Trump administration is planning to announce a potential connection between acetaminophen use during pregnancy and autism in children, according to The Washington Post. Sources said that federal health officials will advise women in the early stages of pregnancy to avoid Tylenol, whose main active ingredient is acetaminophen, unless they have a fever. Tylenol maker Kenvue (KVUE) closed lower by 7.47% on the news.
Nvidia (NVDA), which is the largest holding in both the S&P 500 (SPX) and the Nasdaq 100 (NDX), closed with a 3.97% gain after announcing a deal worth up to $100 billion deal with OpenAI. The deal calls for OpenAI to build data centers with at least 10 gigawatts of capacity powered by Nvidia GPUs, supporting the next generation of its AI models. The first phase of the deal is set to come online during the second half of 2026.
“This is the biggest AI infrastructure project in history,” said Nvidia CEO Jensen Huang. “This partnership is about building an AI infrastructure that enables AI to go from the labs into the world.”
The S&P 500 (SPX) closed with a 0.44% gain, while the Nasdaq 100 (NDX) returned 0.55%.
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