Nasdaq’s rally led gains on Wall Street, as investors returned to chip and artificial intelligence stocks.
The recovery came after a sharp sell-off last week, as markets awaited major corporate earnings results.
The Nasdaq Composite rose 1.11 percent to close at 26,430.89 points.
The S&P 500 also gained 0.42 percent, settling at 7,691.07 points.
In contrast, the Dow Jones Industrial Average slipped 0.06 percent to 51,970.20 points.
Chip stocks regain momentum
The Philadelphia Semiconductor Index ended an eight-session losing streak, during which it had shed about 15.7 percent.
That marked its longest run of declines since October 2008.
The rebound came after fears over high interest rates had weighed on technology stocks.
Investors are concerned that financing costs could hamper massive investments in artificial intelligence infrastructure.
These worries also reflect growing questions about companies’ ability to fund their expansion and sustain spending on data centers.
Investors await corporate earnings
Michael James of Rosenblatt Securities said the sharp drop in prices had paved the way for a market rebound.
He noted that the absence of negative developments over the weekend helped improve sentiment.
Still, he warned that challenges remain. Attention is now turning to earnings from Meta and Tesla on Wednesday, as investors look for signs that could support the stock market’s recovery and the Nasdaq’s continued rise.
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