Stocks Rise as Alibaba’s AI Spending Lifts Tech: Markets Wrap

US stocks are set to resume their rally after a pledge by Alibaba Group Holding Ltd. to step up spending reinforced optimism over artificial intelligence.

Nasdaq 100 futures rose 0.2% after big tech’s slide in the prior session broke a streak of record highs. Alibaba jumped 9% in typhoon-hit Hong Kong on plans to boost AI outlays beyond an initial $50 billion target. All members of the Magnificent Seven advanced. Contracts for the S&P 500 posted small gains.

Alibaba raises AI spending plans.

Photographer: Costfoto/NurPhoto/Getty Images

The dollar recovered 0.4% after back-to-back losses. US Treasuries eased ahead of a $70 billion auction of five-year notes. Gold held ...