WASHINGTON (dpa-AFX) - Stocks have moved mostly higher during trading on Monday, regaining ground following the sell-off seen last Friday. The major averages have all moved back to the upside, with the tech-heavy Nasdaq leading the rebound.
Currently, the Nasdaq and S&P 500 are just off their highs of the session, while the narrower Dow is posting a more modest gain. The Nasdaq is up 456.63 points or 1.8 percent at 26,166.06, the S&P 500 is up 80.77 points or 1.1 percent at 7,464.51 and the Dow is up 219.89 points or 0.4 percent at 51,086.67.
The rebound on Wall Street comes amid bargain hunting following last Friday's plunge, which dragged the tech-heavy Nasdaq down to its lowest closing level in a month.
Semiconductor stocks have helped lead the way back to the upside, with the Philadelphia Semiconductor Index soaring by 7 percent after plummeting by 10.3 percent in the previous session.
Shares of Marvell Technology (MRVL) are spiking by 13.5 percent following news the chipmaker will be joining the S&P 500 along with electronics manufacturing services company Flex (FLEX).
Nvidia (NVDA) is also jumping by 1.7 percent after the AI giant announced a multiyear technology partnership with SK hynix to advance next-generation memory for the global AI factory buildout and accelerate semiconductor design and manufacturing.
A sharp increase by the price of crude oil is also contributing to significant strength among oil service stocks, as reflected by the 3.5 percent surge by the Philadelphia Oil Service Index.
Iran and Israel reportedly exchanged missile strikes on Sunday, leading to the spike in crude oil prices amid worries about a re-escalation of the conflict.
However, crude oil prices pulled back well off their highs after President Donald Trump claimed Israel and Iran are 'looking to do an immediate ceasefire.'
'Final negotiations on 'Peace' are proceeding, subject to ignorance or stupidity getting in its way,' Trump said in a post on Truth Social. 'The Blockade will remain in place, and in full force and effect, until a 'Final Deal' is reached. Things should move quickly.'
Computer hardware, networking and transportation stocks are also seeing considerable strength, moving higher along with most of the other major sectors.
In overseas trading, stock markets across the Asia-Pacific region moved sharply lower on Monday. China's Shanghai Composite Index slumped by 1.7 percent, Japan's Nikkei 225 Index plunged by 3.9 percent and South Korea's Kospi plummeted by 8.3 percent.
Most European stocks have also moved to the downside on the day. While the German DAX Index is down by 0.5 percent, the French CAC 40 Index is down by 0.1 percent and the U.K.'s FTSE Index is just below the unchanged line.
In the bond market, treasuries are seeing modest weakness following the steep drop seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.6 basis points at 4.552 percent.
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