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Wall Street started the new week on a positive note, with all major indices in the green. A rebound in tech stocks following last week’s dips bolstered overall investor sentiment. Investors focused on the start of the tech earnings season, looking past President Joe Biden‘s withdrawal from the reelection campaign.
Semiconductor stocks, which plunged last week due to threats of increased curbs on China, rallied on Monday. The VanEck Semiconductor ETF (NYSE:SMH) and the iShares Semiconductor ETF (NYSE:SOXX) both rose by 2.5%.
The tech-heavy Nasdaq 100 index surged 1% by 12:40 p.m. in New York, poised to snap a three-day losing streak. The S&P 500 edged up 0.7%, while blue-chip stocks in the Dow Jones took a breather. Small-cap stocks showed a 0.4% gain.
In the election arena, betting-implied odds of Kamala Harris winning the November election rose to 29% after Biden dropped his reelection campaign.
Treasury yields increased, with the 30-year yield up 5 basis points to 4.5%, sending the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down by 0.7%. The dollar remained steady.
In commodities, metals softened with gold, silver and copper down 0.4%, 0.5% and 1%, respectively. In energy, natural gas spiked by 7%, driven by Freeport LNG resuming shipments after Hurricane Beryl and expectations of higher cooling demand due to hot weather. Oil prices, tracked by the United States Oil Fund (NYSE:USO), fell 0.7%, with West Texas Intermediate (WTI) light crude on track to close at its lowest level in over a month.
Bitcoin (CRYPTO: BTC) dropped 1.8%.
Major Indices | Price | 1-day %change |
Nasdaq 100 | 19,723.29 | 1.0% |
S&P 500 | 5,541.77 | 0.7% |
Russell 2000 | 2,192.78 | 0.4% |
Dow Jones | 40,296.68 | 0.0% |
According to Benzinga Pro data:
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