U.S. tech stocks rallied Monday as semiconductor shares rebounded from last week’s sell-off, with buyers wagering that the sector’s investment boom will keep underpinning corporate earnings.
The tech-heavy Nasdaq 100 led the advance, climbing 1.5% to 29,566.
The S&P 500 added 0.9% to 7,417, while the Dow Jones Industrial Average rose 236 points, or 0.5%, to 52,112.
West Texas Intermediate bounced 2.0% to about $70.64 a barrel after the strikes over the weekend.
Yet, the Strait of Hormuz de-escalation narrative gained traction as President Donald Trump separately confirmed that “Iran has requested a meeting” set for Doha, with envoys Steve Witkoff and Jared Kushner traveling to Qatar, with U.S. and Iranian technical teams due to meet mediators midweek.
Within Magnificent Seven stocks, Tesla Inc. (NASDAQ:TSLA) jumped 5.8%, Alphabet Inc. (NASDAQ:GOOGL) gained 3.9% and Amazon.com Inc. (NASDAQ:AMZN) rose 3.7%, while Meta Platforms Inc. (NASDAQ:META) advanced 2.5%. The EV-maker rallied after Elon Musk tweeted that Tesla was rolling out a new version of its Full Self Driving (FSD) driver-assistance hardware to Tesla owners with AI3 hardware.
Chipmakers were the shining pocket of gains. The iShares Semiconductor ETF (NYSE:SOXX) rallied 2.8%, partially recouping from Friday’s 5.9% drop. Astera Labs Inc. (NASDAQ:ALAB), Applied Materials Inc. (NASDAQ:AMAT) and KLA Corp. (NASDAQ:KLAC) were the top gainers, up 14%, 12% and 9%, respectively.
Gold extended its slide, falling 1.1% to around $4,028 an ounce, now down more than 10% on the month.
Bitcoin (CRYPTO: BTC) held steady at $59,545.
Monday’s Performance In Major U.S. Indices
| Index | Last | % Change |
|---|---|---|
| S&P 500 | 7,416.54 | +0.9% |
| Dow Jones | 52,111.89 | +0.5% |
| Nasdaq 100 | 29,566.28 | +1.5% |
| Russell 2000 | 2,990.22 | -0.7% |
According to the Benzinga Pro platform:
- The Vanguard S&P 500 ETF (NYSE:VOO) gained 0.9%.
- The SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA) rose 0.5%.
- The Invesco QQQ Trust (NASDAQ:QQQ) climbed 1.5%.
- The iShares Russell 2000 ETF (NYSE:IWM) slid 0.7%.
Space Stocks Blast Off As AI Trade Roars Back
Consumer discretionary led the sector tables, with the Consumer Discretionary Select Sector SPDR Fund (NYSE:XLY) up 2.1%, powered by Amazon and Tesla. The Communication Services Select Sector SPDR Fund (NYSE:XLC) and the Technology Select Sector SPDR Fund (NYSE:XLK) each added about 1.7%, lifted by Alphabet, Meta and a rebound in chipmakers.
The VanEck Semiconductor ETF (NASDAQ:SMH) topped industry performance, rising 2.5%.
The day’s biggest mover within the Russell 1000 was Iridium Communications Inc. (NASDAQ:IRDM), which soared 22.3% after Rocket Lab Corp. (NASDAQ:RKLB) agreed to acquire the satellite operator for roughly $8 billion, offering $54 per share in cash and stock to secure its L-band spectrum.
The deal lit a fire under the broader space complex: AST SpaceMobile Inc. (NASDAQ:ASTS) jumped 15.6%, helped further by news that its BlueBird 8, 9 and 10 satellites are now operational in orbit.
Roblox Corp. (NYSE:RBLX) rallied 14.6% after Arete Research upgraded the stock to Buy from Neutral and lifted its price target to $95 from $75, citing accelerating engagement and the restoration of access in Russia.
TopBuild Corp. (NYSE:BLD) fell 13.6% as investors weighed revised disclosures and debt terms tied to its pending merger with QXO ahead of shareholder votes. Verizon Communications Inc. (NYSE:VZ) dropped 6.6%, pressured by its removal from the Dow.
Monday’s Russell 1000 Top Gainers
| Name | % change |
|---|---|
| Iridium Communications Inc. | +22.3% |
| AST SpaceMobile Inc. | +15.6% |
| Roblox Corp. | +14.6% |
| Astera Labs Inc. | +14.0% |
| Corning Inc. (NYSE:GLW) | +13.8% |
Monday’s Russell 1000 Top Losers
| Name | % change |
|---|---|
| TopBuild Corp. | -13.6% |
| Liberty Media Corp. | -7.4% |
| The Gap Inc. (NYSE:GAP) | -6.9% |
| Verizon Communications Inc. (NYSE:VZ) | -6.6% |
| Liberty Capital Corp. (NASDAQ:GLIBA) | -5.5% |
Photo: Shutterstock
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