QBR.B:CC - Markets Spring Back as Techs Make Comeback
The S&P 500 and the NASDAQ Composite rose Monday as Wall Street, lifted higher by a rebound in chip stocks and tech names.
The Dow Jones Industrials gained 26.23 points to close the day at 35,307.63.
The S&P 500 index surged 25.67 points to 4,489.72.
The NASDAQ index gained 143.48 points, or 1.1%, to 13,788.37.
Shares of Tesla fell 1.4% after the company announced price reductions for certain Model Y units in China.
This week could be driven by insights into the state of the U.S. consumer, with earnings reports due from Home Depot, Target and Walmart. Retail sales data from July is also due out on Tuesday morning.
The earnings reports are coming after a mixed batch of inflation reports last week, which show that price increases have eased from their post-pandemic peak but are still above the Federal Reserve's 2% target.
Prices for the 10-year Treasury regained lost ground, sending yields up to 4.19% from Friday's 4.16%. Treasury prices and yields move in opposite directions.
Oil prices slipped 63 cents to $82.56 U.S. a barrel.
Gold prices doffed $7.10 to $1,939.50 U.S. an ounce.