(Updates with index/price moves and company/geopolitical news from the first paragraph.)
US equity indexes rose amid gains in technology and consumer discretionary in midday trading Monday, with investors seemingly buying the dip ahead of mega-cap earnings following last week's AI jitters.
The Nasdaq Composite jumped 1.1% to 26,438.5, the S&P 500 advanced 0.5% to 7,697.6, and the Dow Jones Industrial Average was little changed at 52,016.4. All but four sectors fell. Utilities and real estate led decliners.
In company news, Goldman Sachs upgraded CoreWeave (CRWV) shares to buy from neutral. CoreWeave shares slumped last week amid concern over its debt and credit risk, according to media reports.
"This week, attention shifts to third-quarter earnings, where strong profit growth could provide an important test for technology and AI-related stocks after their recent pullback," James Ragan, co-chief investment officer at D.A. Davidson, said in a note.
The iShares PHLX Semiconductor Exchange Traded Fund (SOXX), with about $48.43 billion in assets under management, jumped 1.8%, the first gain in 10 days. Seventeen of the top 20 names among stocks with market capitalization exceeding $200 billion were from the technology sector, according to data compiled by Finviz.
Quarterly results due this week include Meta Platforms (META), Tesla (TSLA), Lam Research (LRCX), Texas Instruments (TXN), and IBM (IBM).
In geopolitical news, investors kept a close watch on conflicts in the Middle East and Ukraine, and assessed the impact of US waivers on some sanctions and tariffs affecting Russian exports, Reuters reported.
The relationship between Ukraine and the US is facing increasing strain over intelligence sharing, sanctions, Ukrainian attacks on Russian energy and the path to peace, CNN reported. Over the weekend, Kyiv launched one of its biggest drone attacks this year on Russia, hitting a key oil terminal, in defiance of President Donald Trump's demand that Ukraine stop hitting Russian refining plants, per the news report.
The front-month West Texas Intermediate crude oil contract rose 0.5% to $99.49 per barrel, and global benchmark Brent edged up 0.6% to $110.58 per barrel. Both crude types traded lower earlier in the session.
Most US Treasury yields rose, with the two-year up 3.8 basis points to 4.77%. The 10-year yield jumped five basis points to 5.15%, and the 30-year rate advanced 4.5 basis points to 5.48%.
Further in company news, Cleveland-Cliffs (CLF) swung to higher-than-expected Q3 earnings, buoyed by price and volume gains, and forecasts a sequential gain in Q4 core profit.
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