Broad rebound rally lifts all boats but Nvidia
SPY•Wall Street stocks surged in a tech-driven rebound on Monday, with semiconductor shares among the strongest performers, while Nvidia fell amid scrutiny over its CEO's alleged ties to a spy. Easing crude prices helped soothe inflation fears and boost risk appetite.
1. Stocks rebound broadly
Wall Street stocks followed European shares higher on Monday in a robust, tech-driven rebound dominated by chips. Small-caps, semiconductors, airlines, industrials and consumer discretionary shares were among the best-performing groups; Europe's STOXX gained 1.3%, helped by banks and defense stocks.
2. Nvidia falls, oil eases
Nvidia shares tumbled amid scrutiny over CEO Jensen Huang's alleged affair with a spy, while rival chipmakers' shares spiked. Crude prices settled lower after President Donald Trump downplayed the likelihood of further attacks on Iran, easing inflation fears and supporting risk appetite.
3. Other market moves
The dollar weakened against the euro and yen as Iran talks bolstered risk appetite. U.S. Treasury yields were mixed as safe-haven demand eased and markets priced in an increased likelihood of a December Federal Reserve rate hike; gold climbed.
