US stocks rebound with AI earnings test ahead, euro falls on France unrest
SPY•The Nasdaq rose 1.11% and the S&P 500 gained 0.41% as technology shares rebounded ahead of major AI-related earnings. European stocks and the euro fell as unrest in France raised concerns about its fiscal outlook.
1. US stocks rebound
The Nasdaq rose 1.11% to 26,430.89 on Monday, while the S&P 500 gained 0.41% to 7,690.73 and the Dow slipped 0.07% to 51,966.03. The semiconductor index rose 1.6% after falling for eight consecutive sessions through Friday. Investors are watching earnings from Meta, Tesla, Lam Research and Texas Instruments this week for signs that heavy AI spending is paying off.
2. Europe and currencies fall
The pan-European STOXX 600 fell 0.8%, France’s CAC 40 dropped 1.1% and the euro declined 0.24% to $1.1212. French bonds also fell as protests added to concerns about the government’s efforts to reduce its budget deficit; the spread between French and German 10-year yields widened to 147 basis points. The US 10-year Treasury yield rose 4.2 basis points to 5.14%.
3. Oil prices mixed
Brent crude settled 31 cents lower at $109.55 a barrel, while US West Texas Intermediate gained $2.25 to $103.66. The US housing market index fell three points to 29, its lowest level since June 2012.
