As of 11:34 AM ET, the S&P 500(^GSPC+0.41%) is up 0.85% to 7,725, and the Nasdaq Composite(^IXIC+1.11%) has climbed 1.67% to 26,576 as growth stocks rebound from their worst week since June. The Dow Jones Industrial Average(^DJI-0.07%) is trading 0.15% higher at 52,094.
S&P 500 Index
Today’s Change
(0.41%)+31.29
Index Level
7,690.73
Key Data Points
Day’s Range
7,684.79 -7,731.18
52wk Range
6,316.91 -7,844.52
Gold has fallen 0.51% to $4,145.56, and the 10-Year Treasury yield has gained 3 basis points to 5.13%. Real estate and consumer defensive stocks saw the biggest losses, while consumer cyclical and tech led the sector gains.
Today’s biggest moves
Sandisk soared 7.4%, and Micron Technologygained 4.7%, as a shift in memory sentiment boosted the stocks, supporting a recovery in semiconductor stocks. Intel also climbed after a JPMorganupgrade. Amazon.com pushed upward on cloud optimism, helped by Morgan Stanley, which upped its price target on the stock and named it a top pick. NRG Energy declined as utility stocks broadly underperformed the market.
What this means for investors
Chip stocks rebounded today as last week’s jitters started to fade and investors reengaged with artificial intelligence (AI) firms. Even CoreWeave was in the green, despite last week’s concerns about its debt yields, which triggered some of the sell-off. Real estate stocks came under pressure as U.S. homebuilder confidence fell to a 14-year low.
This shift comes against a backdrop of global uncertainty as violent protests in France and Italy pressured European equities and oil prices remain elevated. This week market participants will be watching earnings from Meta Platforms, Space Exploration Technologies, and Tesla for signs of strength and weakness in the AI and tech sector. Last week’s rout may have passed, but the nerves remain, and investors will want to see strong demand and clear paths to deliver returns on Capex spending.
