Wall Street indexes snap back even as Nvidia tumbles
SPY•The Nasdaq rose more than 2% and the S&P 500 and Dow gained more than 1% as US stocks rebounded after a four-week slide. Nvidia fell about 4%, while consumer discretionary led S&P sector gains at 3.6%.
1. Broad market rebound
US stocks rallied on Monday, with the Nasdaq up more than 2% and the S&P 500 and Dow each gaining more than 1%. The move followed a four-week slide in the S&P 500 and Nasdaq, as investors returned to risk assets.
2. Nvidia declines
Nvidia shares fell about 4%, after earlier dropping more than 8% to their lowest level since March. The company is investigating whether CEO Jensen Huang was targeted by a foreign intelligence effort; the probe followed allegations that a Chinese businesswoman close to Huang passed information to Beijing.
3. Sector and stock gains
Consumer discretionary led the S&P 500's 11 major sectors, rising 3.6%, while communications services and industrials each gained almost 3%. Gains in Amazon, Apple, Microsoft and Broadcom helped offset Nvidia's drag, and Advanced Micro Devices rose more than 9%.
