Nasdaq climbs as chip and AI-linked stocks bounce back
SPY•The Nasdaq rose 1.11% and the S&P 500 gained 0.42% on Monday as chip and AI-linked stocks rebounded after last week’s selloff; the Dow slipped 0.06%.
1. Nasdaq leads gains
The Nasdaq Composite rose 290.85 points to 26,430.89, while the S&P 500 gained 32.48 points to 7,691.07. The Dow fell 32.21 points to 51,970.20. The Philadelphia Semiconductor Index ended an eight-session losing streak after falling about 15.7% over that run.
2. Stocks and earnings
Technology and consumer discretionary shares led S&P 500 sector gains. CoreWeave gave up early gains after Goldman Sachs upgraded it to “buy” from “neutral”; Intel rose after J.P. Morgan upgraded it to “neutral” from “underweight.” Amazon gained after Morgan Stanley named it its “top pick,” and Cleveland-Cliffs climbed after beating analysts’ estimates for third-quarter profit.
3. Investors watch results
Investors were awaiting corporate earnings reports in the coming days and weeks. Meta and Tesla were due to report Wednesday, while SpaceX was scheduled to report Tuesday. An equity sales trader said sentiment had become negative enough for a rebound but cautioned that the market was “far from out of the woods.”
