Things capping Monday's market rally -- plus, Alphabet's new AI chip roadmap

Things capping Monday's market rally centered on a late-session pullback as investors weighed whether the recent AI-stock correction had gone too far. On Monday, the S&P 500 and Nasdaq rose modestly earlier, but both were well off their intraday highs in afternoon trading. Headwinds included oil holding near $83 per barrel after dipping to about $80, and Treasury yields climbing, with the 10-year near 4.6%. Rate-hike probabilities also edged higher amid renewed inflation concerns tied to energy prices. Alphabet shares rose after a report that Google’s unit is developing a more efficient AI server chip, “Frozen v2,” aimed at improving token generation per unit of power. Reported timing was 2028, and the chip was not expected to replace Alphabet’s TPUs. Major after-the-bell earnings were absent, while several firms—including 3M and General Motors—report before Tuesday’s opening bell.