Nasdaq jumps 1.1% as chip stocks rebound ahead of tech earnings
Why it matters: The Philadelphia Semiconductor Index rose 1.6% after an eight-day slide, but investors still face fresh results from Tesla, Meta and SpaceX.
US stocks ended mixed Monday as investors bought back chipmakers and other AI-linked names after last week’s sharp sell-off, lifting the Nasdaq while the Dow slipped. The Nasdaq Composite gained 290.85 points, or 1.11%, to 26,430.89, the S&P 500 added 31.29 points, or 0.41%, to 7,690.73, and the Dow Jones Industrial Average fell 36.38 points, or 0.07%, to 51,966.03. The Philadelphia Semiconductor Index climbed 1.6%, ending an eight-session losing streak in which it had dropped about 15.7%. Traders are weighing whether high interest rates will slow spending on AI infrastructure as a heavy week of corporate reports begins, with Tesla and Meta due Wednesday and SpaceX set to report Tuesday.