The\u00a0S&P 500\u00a0rose Monday to notch its best day since June 5 as tech shares bounced on the heels of the worst weekly loss for the index since April.<\/p>\n
The benchmark climbed 1.08% to settle at 5,564.41 and clinch its best day since June 5, while the\u00a0Nasdaq Composite\u00a0advanced 1.58% to close at 18,007.57. The\u00a0Dow Jones Industrial Average\u00a0rose 127.91 points, or 0.32%, to finish at 40,415.44.<\/p>\n
Nvidia popped 4.8%, recovering some of its 8% pullback from last week. Other major tech stocks such as Meta Platforms and Alphabet also rose more than 2%. CrowdStrike was the worst performer in the S&P 500, dropping 13.5% and building on last week\u2019s nearly 18% loss.<\/p>\n
\u201cWe\u2019re seeing a rotation back into the technology sector after a pretty meaningful sell-off, exacerbated by the CrowdStrike meltdown,\u201d said Mona Mahajan, a senior investment strategist at Edward Jones. \u201cA combination of broadening in earnings and the Fed cutting rates is giving investors some hope.\u201d<\/p>\n
Tech stocks were under pressure last week as investors rotated out of those names in favor of smaller names, sending the S&P 500 lower by nearly 2% last week. The Nasdaq shed more than 3% during that period.<\/p>\n
Despite tech\u2019s strong gains, small-cap stocks held up. The Russell 2000 closed about 1.7% higher on Monday.<\/p>\n
Traders also kept an eye on the U.S. political landscape after President\u00a0Joe Biden\u00a0dropped\u00a0out of the presidential race\u00a0on Sunday and endorsed Vice President\u00a0Kamala Harris. Since Biden\u2019s disastrous debate performance in June, many analysts were seeing an increasing likelihood of a win by former President\u00a0Donald Trump\u00a0in November.<\/p>\n
Earnings and central bank policy remain top of mind for Wall Street. Traders have been pricing in a nearly 93% likelihood of the Federal Reserve cutting interest rates during its September meeting.<\/p>\n<\/p>\n
The\u00a0S&P 500\u00a0rose Monday to notch its best day since June 5 as tech shares bounced…<\/p>\n","protected":false},"author":0,"featured_media":1919,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-1918","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/1918","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/comments?post=1918"}],"version-history":[{"count":0,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/posts\/1918\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media\/1919"}],"wp:attachment":[{"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/media?parent=1918"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/categories?post=1918"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tradetrovex.com\/index.php\/wp-json\/wp\/v2\/tags?post=1918"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}