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The S&P 500 rose Monday, thanks to a bounce in tech shares, after the broad market index suffered its worst weekly losses since April last week.
The Dow Jones Industrials climbed 106.22 points to 40,393.75
The much-broader index gained 49.61 points to 5,554.61.
The NASDAQ barreled ahead 245.08 points to 17,972.02.
Nvidia popped 4%, recovering some of its 8% pullback from last week. Other major tech stocks such as Meta Platforms, Alphabet and Apple also rose more than 1%. Crowdstrike was the worst performer in the S&P, dropping nearly 11% and building on last week’s nearly 18% loss.
Tech stocks were under pressure last week as investors rotated out of those names in favor of smaller names — sending the S&P 500 lower by nearly 2% last week. The NASDAQ shed more than 3% during that period.
Heading into this week, traders also kept an eye on the U.S. political landscape after President Joe Biden dropped out of the presidential race on Sunday and endorsed Vice President Kamala Harris. Since Biden’s disastrous debate performance in June, many analysts were seeing an increasing likelihood of a win by former President Donald Trump in November.
Earnings and central bank policy will also be top of mind. Traders have been pricing in nearly a 93% likelihood of the Federal Reserve cutting interest rates during its September meeting.
Prices for the 10-year Treasury waned, raising yields to 4.22% from Friday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices slipped 36 cents at $79.77 U.S. a barrel.
Gold prices flopped $7.60 to $2,391.50
