U.S. stocks climbed sharply after Monday’s open, lifted by falling oil prices and gains in other technology shares, even as Nvidia declined after its board said it was opening an independent investigation following reports that its chief executive had been targeted by foreign intelligence.
By about 10 a.m. Eastern, the Dow Jones Industrial Average was up 727 points, or 1.4%, at 52,013. The S&P 500 had gained 1.7% to 7,501, and the Nasdaq Composite had risen 2.1% to 25,105. Shortly after the opening bell, the Dow was up about 1%, and the S&P 500 and Nasdaq were up less than 1%. The Nasdaq fell into correction territory last Thursday, and the S&P 500 lost 2.7% last week.
Advanced Micro Devices rose 8.3% after Oppenheimer upgraded the stock to outperform with a $600 price target, CNBC reported. Broadcom gained 7.1% and Amazon added 5%. Nvidia fell 4.4% to $178.44, after trading more than 6% lower earlier in the session.
Brent crude dropped more than 4% to about $94 a barrel, and U.S. West Texas Intermediate lost more than 3% to about $87.50, after President Donald Trump said new attacks on Iran were highly unlikely while talks continue. Trump is due to meet Qatar’s prime minister at the White House on Monday.
Liz Ann Sonders of Charles Schwab said the Nasdaq and Nasdaq-100 had become oversold, CNBC reported. The Cboe Volatility Index fell more than 12% to near 22.
Investors will next watch whether the gains hold into the close and how markets respond to Tuesday’s October consumer price report, the last CPI reading before the Federal Reserve’s Dec. 8–9 meeting.
