Stocks rebound as Nvidia and Microsoft lead tech higher, with the Fed deciding Wednesday
The S&P 500 gained 0.7% to 7,676.77 and the Nasdaq 0.8%, snapping a two-day slide, while WTI fell 1.8% to $101.39 and the 10-year yield held at 5.00%.
Wall Street recovered some of last week's losses on Monday, led by technology, as oil eased from Friday's high and investors waited for the Federal Reserve's decision on Wednesday. The S&P 500 rose 53.09 points, or 0.7%, to 7,676.77. The Nasdaq Composite added 214.04 points, or 0.8%, to 26,169.38, and the Dow gained 146.42 points, or 0.3%, to 52,361.58.
The closing numbers
| Measure | Close | Change |
|---|---|---|
| S&P 500 | 7,676.77 | +0.70% |
| Nasdaq Composite | 26,169.38 | +0.82% |
| Dow Jones Industrial Average | 52,361.58 | +0.28% |
| Russell 2000 | 2,786.42 | +0.38% |
| VIX | 18.39 | -5.45% |
| WTI crude (front month) | $101.39 | -1.82% |
| Gold (front month) | $4,027.60 | +0.49% |
Closing prices from Yahoo Finance, read at 4:36 PM ET; percentage changes are our arithmetic against Friday's close.
The S&P 500 still closed about 1.8% below its Oct. 6 peak in our chart data, and about 1.0% below Wednesday's close of 7,757.17. Monday ended a two-day slide: the index fell on both Thursday and Friday.
Tech led, Apple lagged
Within the market, the technology sector ETF XLK rose 1.7%. Nvidia gained 2.4% to $216.00 and Microsoft rose 1.5% to $532.60, even after we reported the company's voluntary exit offer to 60,000 employees. Apple fell 1.1% to $343.91. The energy sector ETF XLE rose 0.5% despite lower crude.
The rebound follows a stretch in which doubts about the AI trade hit stocks. Redfin's weekly note said money moved from stocks into bonds last week on those doubts, and Mortgage News Daily said there was "some healing" in tech stocks and tech corporate bonds on Monday.
Oil slips, but stays above $100
WTI for December delivery's front-month contract settled at $101.39, down from $103.27 on Friday and up from $97.15 on Wednesday. The Wall Street Journal's headline tied the decline to traders weighing U.S.-Iran diplomacy and attacks on Saudi Arabia; we could not read the full article, so we do not add detail beyond that. For a business that runs on diesel or freight, a barrel that is still above $100 matters more than Monday's two-dollar dip.
Rates before the Fed
The Treasury's daily curve put the 10-year yield at 5.00% on Monday, unchanged from Friday, with the 2-year at 4.68% (4.69% Friday) per the Treasury's data. Mortgage News Daily put the average 30-year fixed rate at 7.33%, flat on the day.
Redfin wrote that markets expect the Fed to hold on Wednesday and then raise rates on Dec. 9, so attention will be on clues for that meeting, and that the Fed is not scheduled to update its forecasts this time. It also said the first estimate of third-quarter GDP arrives Thursday, with forecasters looking for about 3.2% growth after 2.2% in the second quarter. We have not independently confirmed those market odds or forecasts.
What to watch
September durable goods report is due Tuesday, per Redfin's calendar, then the Fed decision, Thursday's GDP and jobless claims, and the October jobs report on Nov. 6. After the close, Amkor Technology's shares rose about 4% in extended trading despite an earnings and revenue miss, Investing.com reported. Follow the markets board for the latest levels.
Sources: Yahoo Finance; U.S. Treasury; Redfin News; Mortgage News Daily; Wall Street Journal (headline); Investing.com. This is market information, not investment advice.
Want your business to be the answer?
Get a full package of articles about your business, built so customers, Google and AI assistants can find you.
New ebook from The Company ChronicleHow to Research Like a Wall Street AnalystFind original sources, analyze trends, and build your own insights. 36 pages with worksheets.Get the ebook · $29Instant PDF download