S&P 500 Jumps 2.4% as Chip Stocks Rebound, Nvidia a Notable Laggard

The S&P 500 closed at 7,556.16, up 2.43% on the day, while the Dow Jones Industrial Average gained 2.15% to 52,389.75 and the Nasdaq Composite led with a 2.74% rise to 25,253.14. The Russell 2000, a gauge of smaller companies, climbed 3.15%. The 10-year Treasury yield edged up to 4.863%, and the VIX, a measure of expected market volatility, tumbled 22.31% to 19.92, signaling calmer sentiment after a recent stretch of turbulence.

The biggest S&P 500 moves

Coherent led gainers, closing up 16.79%, while Monolithic Power Systems rose 16.60% even as PR Newswire reported an investor alert flagging a possible investigation tied to a sharp prior stock decline and court rulings. Advanced Micro Devices climbed 13.26%; Reuters reported that an analyst at NH Investment & Securities said AMD could draw more attention as a rival following turmoil at Nvidia. Teradyne gained 12.73% after the company introduced a new inline board test platform for artificial intelligence devices, according to StreetInsider and the Financial Times. Flex rose 12.03%, with no source in our facts explaining the move.

On the downside, First Solar fell 4.74% after Piper Sandler cut its price target on the stock, Barron's and Benzinga reported. Nvidia dropped 4.27%; Reuters reported the company is investigating its chief executive over reported espionage allegations, a situation TheStreet also described as tied to the stock's weakness. Take-Two Interactive slipped 3.48%, Akamai Technologies fell 3.37%, and Axon Enterprise declined 3.14%, none explained by a source in our facts.

Sectors

All eleven S&P 500 sectors finished higher. Industrials led with a 3.82% gain, followed closely by technology at 3.70% and consumer discretionary at 2.92%. Energy lagged furthest behind, up just 0.56%, with consumer staples also among the weaker performers at 0.90%.

New highs and lows

Fifteen S&P 500 stocks touched a 52-week high on the day, while three touched a 52-week low. Best Buy led the highs, closing up 6.67%, followed by Moderna, up 5.83%, and Block, up 3.60%. Among the lows, Axon Enterprise closed down 3.14%, Fidelity National Information Services fell 1.36%, and Coinbase Global touched a low despite closing up 0.99%.

On the calendar

Monday's US calendar featured three Federal Reserve officials speaking: Governor Michelle Bowman, Chicago Fed President Austan Goolsbee, and Richmond Fed President Thomas Barkin. No economic figures were released alongside these remarks in our facts.

Tomorrow, Tuesday, the Bureau of Labor Statistics is set to release the Consumer Price Index (CPI) for October, with inflation expected at 3.9% year-over-year and 0.3% month-over-month, consensus estimates show. Core inflation, which excludes food and energy, is expected at 2.8% year-over-year and 0.2% month-over-month, with the seasonally adjusted CPI index expected at 337. Before tomorrow's open, TransDigm Group is scheduled to report quarterly results, with earnings per share (EPS) expected at $12.21, according to consensus estimates.