Traders work on the floor of the New York Stock Exchange during morning trading on August 10, 2023 in New York City.
Michael M. Santiago | Getty Images
The S&P 500 and the Nasdaq Composite rose Monday as Wall Street, lifted by a rebound in chip stocks and tech names.
The broad market index added 0.58%, closing at 4,489.72. The tech-heavy Nasdaq gained 1.05%, ending the day at 13,788.33. Meanwhile, the Dow Jones Industrial Average advanced by 26.23 points, or 0.07%, to end at 35,307.63.
Nvidia closed 7.1% higher, marking a turnaround for the chip giant after it sold off 8.5% last week. Shares got a boost after Morgan Stanley reiterated Nvidia as a top pick ahead of earnings. Chip stocks across the board also jumped, with the VanEck Semiconductor ETF (SMH) up 3% — though it is still down more than 6% in August.
The moves come as stocks have struggled to sustain their 2023 rally in the late summer. Last week, the S&P 500 and Nasdaq fell 0.3% and 1.9%, respectively. It was the Nasdaq Composite's first two-week losing streak of the year.
The Dow, however, gained 0.6% for its fourth positive week in five.
This week could be driven by insights into the state of the U.S. consumer, with earnings reports due from Home Depot, Target and Walmart. Retail sales data from July is also due out on Tuesday morning.
The earnings reports are coming after a mixed batch of inflation reports last week, which show that price increased have eased from their post-pandemic peak but are still above the Federal Reserve's 2% target.
The market currently is "not quite a midsummer night's dream," Oppenheimer chief investment strategist John Stoltzfus wrote in a Monday note.
However, he added that "some retracement of the broad market since July 31 suggests to us a pause that refreshes has likely occurred, rather than the end of the bull market."
"A 'trim' and perhaps a 'haircut' is [likely] what has thus far taken place. Such a retracement we feel is more than likely healthy, rather than marking the beginning of an end to the bull market that emerged from last year's oversold market conditions," said Stoltzfus.
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S&P 500, Nasdaq close higher Monday as tech stocks make a comeback: Live updates - CNBC
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