US stocks bounce as tech shares rebound
- S&P 500 climbed 0.9% to 7,417.32 while Nasdaq Composite Index jumped 1.3% to 25,635.62
Wall Street stocks, particularly technology shares, rose Monday as bargain-hunting investors capitalized on recent weakness, with markets also anticipating key US jobs data.
- Technology shares rebounding after recent pressure.
- Anticipation of the upcoming US jobs report.
- Alphabet's stock performance after joining the Dow.
NEW YORK: Wall Street stocks rose early Monday with technology shares benefiting from bargain-hunting after recent weakness as markets looked ahead to key US jobs data.
Oil prices ticked higher after strikes in recent days between Iran and the United States challenged peace efforts. But Washington agreed with Iran to halt the attacks and renew talks to end the conflict.
About five minutes higher, the Dow Jones Industrial Average was up 0.5 percent at 52,155.16.
The broad-based S&P 500 climbed 0.9 percent to 7,417.32, while the tech-rich Nasdaq Composite Index jumped 1.3 percent to 25,635.62.
Semiconductor shares were under pressure last week on worries that soaring valuations have gotten out of control. But that retreat set the stage for renewed buying, analysts said.
“Technology was the worst performing sector over the course of the last two weeks,” said Art Hogan of B. Riley Wealth Management. “So you’ll likely see some bargain hunting in those spaces, and I think that’s helping move the broad market a little bit higher.”
Among individual companies, Google parent Alphabet jumped 2.6 percent after it officially joined the Dow index.
This week’s calendar includes the government’s monthly jobs report for June and earnings from sports giant Nike.
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