US stocks began the new trading week with gains after investors sold off shares heavily on Friday. The Dow Jones rose 0.8% to 52,181 points, while the S&P 500 advanced 0.6% to 7,622. The Nasdaq gained 0.8% to 25,658 points, and the Nasdaq 100 climbed 0.7% to 28,577.
Technology stocks remain under scrutiny following disappointing quarterly results from several major companies. October was the Nasdaq’s weakest month in a year and a half, with the index losing 5.3%. The Philadelphia Semiconductor Index fell 15.3%, following a revised forecast from Intel. The chipmaker’s shares lost half their value over two days.
“Investors remain willing to buy declines, but confidence in the technology sector is fragile after a weak October,” said Daniela Hathorn, senior market analyst at Capital.com. She said the next set of technology results would be particularly important.
Apple is scheduled to publish its quarterly results after the market closes. The company overtook Nvidia on Friday to regain its position as the world’s most valuable listed company. Apple’s shares have risen by roughly a quarter since weakening in June, adding around $1 trillion to its market value.
Hathorn said Apple’s results would receive special attention because the company has benefited less than its competitors from the large-scale expansion of artificial intelligence infrastructure. Investors are also focusing on the US midterm elections, which could affect issues relevant to financial markets.
Sources: Handelsblatt.