US stocks rise as chip rebound lifts Nasdaq, Intel jumps 8.5%
What's next: Investors are watching Wednesday's CPI report for signs that higher oil prices could feed inflation and keep the Fed hawkish.
US stocks climbed Monday, led by a rebound in chip shares after last week's steep selloff. The Nasdaq rose about 1.1% in early trading, while the S&P 500 gained 0.7% and the Dow added 0.3%. Intel surged 8.5% after a report that Alphabet tapped it to make 3 million in-house chips, helping lift the broader semiconductor group. The Philadelphia SE Semiconductor index advanced 4.6%, while Nvidia, Broadcom and Micron also moved higher. Traders were still hedging for more volatility, with put activity in the VanEck Semiconductor ETF outpacing calls even as the sector bounced. Sentiment also improved as tensions between Iran and Israel appeared to ease, pulling oil off session highs.