Story
US Stocks Climb as Tech Rally Lifts Nasdaq Over 2%
Summary
U.S. equity markets closed broadly higher on Monday, with a significant rally in technology stocks pushing the Nasdaq Composite up 2.26%. The S&P 500 and Dow Jones also posted solid gains, while the energy sector lagged amid a sharp drop in crude oil prices.
U.S. stocks advanced at the close of trading on Monday, propelled by strong performance in the technology and consumer services sectors. The tech-heavy Nasdaq Composite led the gains, climbing 2.26%, while the broader S&P 500 index added 1.49% and the Dow Jones Industrial Average rose 0.71%.
Market-Wide Performance
The rally demonstrated broad market participation, as advancing stocks outnumbered declining ones on both major exchanges. According to closing data from Investing.com, 1,485 stocks rose on the New York Stock Exchange compared to 1,235 that fell. On the Nasdaq, 1,846 stocks gained while 1,558 declined.
The CBOE Volatility Index (VIX), often regarded as a gauge of market fear, saw a slight increase of 0.34% to finish at 14.86, even as equity indices posted strong gains.
Sector and Stock Movers
Technology and biotechnology firms were among the day's top performers. On the S&P 500, standout gainers included:
- Akamai Technologies (AKAM), which surged 12.33%
- Moderna (MRNA), up 12.26%
- Intel Corporation (INTC), which gained 12.14%
AdWithin the Dow Jones Industrial Average, chipmaker NVIDIA (NVDA) rose 2.29%, while Amgen (AMGN) and Amazon.com (AMZN) added 1.95% and 1.87%, respectively.
In contrast, the energy sector faced significant headwinds as oil prices fell. Chevron (CVX) was the worst performer on the Dow, dropping 2.79%. On the S&P 500, Marathon Petroleum (MPC) and Valero Energy (VLO) declined by 5.30% and 4.84%, respectively.
Commodities and Currencies
Commodity markets saw significant downward pressure on Monday. Crude oil futures for November delivery fell sharply, with West Texas Intermediate (WTI) dropping 4.29% to $91.92 a barrel. Gold futures for December delivery also declined, falling 0.99% to $4,381.00 a troy ounce.
In currency markets, the U.S. Dollar Index Futures, which measures the greenback against a basket of other major currencies, rose by 0.22% to 100.15.
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