U.S. stocks mostly gained Monday, with Big Tech and chipmakers leading equities in a rebound even as Treasury yields rose.
The Nasdaq had its best day in three weeks, rising 1.6%, while the S&P 500 climbed 0.7%. The Dow Jones Industrial Average lagged, slipping about 0.1%.
All three major indexes are down so far this month. The Dow has lost 3%, the S&P 500 has slipped 4.8% and the Nasdaq has dropped 7.4%. Stocks have been under pressure from rising bond yields and a rocky Covid recovery in China.
Chinese stocks slumped again Monday after banks cut a key interest rate less than economists had expected, highlighting the country's need to promote growth and maintain stability. European stocks rose in the morning before losing ground and closing close to flat. Bond yields resumed their climb higher, with the 10-year note rising 8 basis points to 4.34%.
This week we'll get quarterly earnings reports from market darling Nvidia (NVDA) Wednesday afternoon, as well as more results from retailers, including Lowe's (LOW) on Tuesday and Dollar Tree (DLTR) on Thursday. Other big names reporting this week include Baidu Inc. (BIDU), Snowflake Inc. (SNOW), Autodesk (ADSK), and Intuit Inc. (INTU).
