Nasdaq climbs as chip and AI-linked stocks bounce back
SPY•The Nasdaq rose 1.11% and the S&P 500 gained 0.41% on Monday, while the Dow slipped 0.07%, as chip and AI-linked stocks rebounded. The Philadelphia Semiconductor Index gained 1.6%, ending an eight-day losing streak.
1. Technology stocks rebound
The Nasdaq Composite led Wall Street higher on Monday as investors returned to chip and other AI-related stocks after last week's selloff. The Philadelphia Semiconductor Index rose 1.6%, snapping an eight-day losing streak during which it fell about 15.7%.
2. Indexes finish mixed
The Dow Jones Industrial Average fell 36.38 points, or 0.07%, to 51,966.03. The S&P 500 gained 31.29 points, or 0.41%, to 7,690.73, and the Nasdaq added 290.85 points, or 1.11%, to 26,430.89. Seven of the S&P 500's 11 major sectors closed lower.
3. Stocks and oil move
Amazon rose 5% after Morgan Stanley named it its top pick, while Tesla gained 3.8%. CoreWeave ended down 0.4% after giving up early gains following Goldman Sachs' upgrade to buy from neutral; Intel rose 2.4% after J.P. Morgan upgraded it to neutral. Cleveland-Cliffs surged 16% after reporting a third-quarter profit above analysts' estimates. U.S. crude futures settled up 2.2% at $103.66 a barrel.
