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S&P 500 and Nasdaq rebound as chip stocks recover
The 10-year Treasury yield rose to 4.58%, while AAA data showed US gasoline prices climbed back above $4 per gallon amid renewed US-Iran tensions.
Stocks rebounded on Monday, with the S&P 500 up 0.3% and the Nasdaq Composite up 0.5% by 10:15 a.m. Eastern time, while the Dow Jones Industrial Average was down 0.2%. The bounce was led by a recovery in semiconductor stocks after last week’s sharp selloff, shifting investor focus to a busy stretch of US technology earnings. Investors are bracing for quarterly results from major companies including Alphabet, Tesla, and General Motors, which are expected to shape sentiment around corporate profitability, consumer demand, artificial intelligence investments, and the broader health of the US economy. According to FactSet, S&P 500 companies are projected to deliver nearly 25% year-over-year earnings growth, though higher expectations may be harder to beat, according to Art Hogan of B. Riley Wealth Management. Bond yields also moved higher, with the 10-year Treasury yield rising to 4.58% from 4.55% on Friday. Separately, concerns about energy risks grew as the national average gasoline price in the United States climbed back above $4 per gallon, according to AAA data, following escalation in hostilities between the United States and Iran and fears of potential disruptions to global oil supplies.
Latest closeGasoline (RBOB) $3.114 ▼5.7%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%