Dow surges 1,100 points, Nasdaq climbs more than 2% as tech rebounds from last week’s tumult: Live updates

Wall Street closed sharply higher on Monday as technology shares rebounded from last week's steep selloff, with the Dow Jones Industrial Average jumping 2.2% — approximately 1,100 points — while the S&P 500 climbed 2.4% for its strongest daily gain since April 8, according to Investing.com. The NASDAQ Composite advanced 2.7%. Chipmakers led the recovery, with the Philadelphia Semiconductor Index surging nearly 7%. Advanced Micro Devices jumped over 13% and Broadcom gained 8.8%, Investing.com reported.

Nvidia bucked the broader rally, falling 4.2% to its lowest closing level since April 7 amid concerns surrounding an investigation into whether Chief Executive Jensen Huang had been targeted by a foreign intelligence effort, Investing.com said. Bloomberg reported that Nvidia saw a historic split from the S&P 500 as the stock sank while the market soared, noting the divergence was unprecedented in recent market history.

The rebound followed a bruising week for equities when concerns over the sustainability of artificial intelligence spending and the potential impact of Democratic victories in the U.S. midterm elections triggered heavy selling in technology and semiconductor shares, according to Investing.com. U.S. stock futures were little changed Monday evening after the rally, with S&P 500 Futures inching 0.2% higher to 7,590.75 points and Nasdaq 100 Futures trading flat at 28,013.75 points by 01:19 ET, Investing.com reported. Dow Jones Futures traded 0.4% higher at 52,725.0 points.

Investors are now focused on Tuesday's October Consumer Price Index report, followed by the Producer Price Index on Friday, for clues on inflation trajectory and the Fed's next policy moves. Markets were pricing in an 84% probability of a quarter-point rate increase at the Fed's December meeting, according to CME FedWatch data cited by Investing.com. The inflation data comes after a stronger-than-expected U.S. employment report reinforced expectations that the central bank could raise interest rates again in December. Lower oil prices provided some support to equities on Monday, easing concerns about energy-driven inflation after U.S. President Donald Trump signaled that further strikes against Iran were unlikely as diplomatic efforts to end the conflict continued, Investing.com said. Upcoming earnings from AI-related companies including CoreWeave, Cisco Systems, and Applied Materials will be monitored for indications of whether spending on data centers and computing infrastructure remains robust.