Infosys ADR jumped more than 5%, while Wipro ADR gained more than 3%. The tech-heavy Nasdaq Composite index gained more than 1% on Monday. Adobe shares jumped more than 6%, while Salesforce rallied 5%. Accenture rallied nearly 7%, while Microsoft gained 4%.
The S&P 500 erased all the losses it racked up since the war started in the Middle East. The blue chip index gained over 1% to end at 6,886, higher than its February 27 closing level. Dow Jones Industrial Average, meanwhile, rose 0.63%.
Goldman Sachs CEO on AI
Goldman Sachs released its Q1 earnings on Monday. The company reported a net revenue of $17.23 billion in the January-March quarter, recording a 14% year-on-year growth compared to $15.06 billion in the year-ago period. The net revenue shot up 28% sequentially versus $13.45 billion in Q4CY25.
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Commenting on the company’s results, David Solomon, Chairman and CEO of Goldman Sachs, said, “Goldman Sachs delivered very strong performance for our shareholders this quarter, even as market conditions became more volatile. Our clients continue to depend on us for high-quality execution and insights amid the broader uncertainty, and we remain confident in how we’ve positioned our businesses. The geopolitical landscape remains very complex – so disciplined risk management must remain core to how we operate.”
During an analyst’s call, Solomon said he is hugely forward-leaning on the power of artificial intelligence to accelerate growth at the bank. “Whenever you have accelerations in new technology, there are going to be bumps, there will be risk issues and recalibrations. But the power of this technology to use it in enterprise to increase efficiency is incredibly constructive,” he added. Entrepreneur and financial expert Gurmeet Chaddha highlighted that Solomon claimed that AI taking over enterprise software is not easy.
Notably, this comes after tech stocks saw a massive decline earlier this year with the launch of new and innovative artificial intelligence tools by AI startup Anthropic, which triggered worries around disruption in the software services. Back on Dalal Street, India’s much-touted IT services stocks, including Infosys, Wipro, TCS and HCLTech, saw a sharp selloff.
However, while some doomsday prophets painted a grim picture for IT shareholders, some analysts were quick to point out that an overall replacement of software engineers by AI is unlikely. The new technology would instead increase efficiency across the companies, boosting margins, according to them.
Fresh hopes for Iran-US war peace talks
Reports claimed that the US continued to engage with Iran to make a peace deal even as it blocked the latter’s ports after the collapse of ceasefire talks over the weekend. Iran and the US have left the door open to dialogue, and a US official said there was forward momentum toward an agreement, Reuters reported, citing people familiar with the matter. US President Donald Trump, meanwhile, said that his administration received a call from Iran who is now eager to negotiate after the US imposed a naval blockade on Iranian ports.
Speaking to reporters at the White House, Trump said that “they’d like to make a deal very badly.” He reiterated that the primary sticking point in the negotiations remains Iran’s nuclear ambitions, asserting that “Iran will not have a nuclear weapon”.
As a result, Brent crude futures declined nearly 2% to trade at $97.5 per barrel, while WTI Crude futures dropped more than 2% to $97 per barrel on Tuesday morning. The cooling oil prices and rising hopes for peace talks boosted global markets.
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The raging war has stoked inflationary worries in the US. Peace talks hopes eased some of those concerns, which in turn may boost the IT stocks as these companies derive a major portion of their revenue from the US economy.
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