WASHINGTON (dpa-AFX) - Stocks showed a strong move back to the upside in early trading on Monday following Friday's sell-off but gave back ground over the course of the sessions. The major averages pulled back well off their highs of the session, with the Dow dipping into negative territory.
After surging by as much as 1.8 percent, the tech-heavy Nasdaq ended the day up 220.23 points or 0.9 percent at 25,929.66. The S&P 500 also rose 21.99 points or 0.3 percent to 7,405.73, but the narrower Dow slipped 80.77 points or 0.2 percent to 50,786.01.
The early rebound on Wall Street came amid bargain hunting following last Friday's plunge, which dragged the tech-heavy Nasdaq down to its lowest closing level in a month.
Buying interest waned over the course of the session, however, as crude oil prices remained elevated after Israel and Iran reportedly exchanged missile strikes over the weekend.
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.'
Despite the pullback by the broader markets, semiconductor stocks continued to see substantial strength, with the Philadelphia Semiconductor Index spiking by 5.6 percent after plummeting by 10.3 percent in the previous session.
Shares of Marvell Technology (MRVL) soared by 9.6 percent following news the chipmaker will be joining the S&P 500 along with electronics manufacturing services company Flex (FLEX).
Nvidia (NVDA) also jumped 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.
The increase by the price of crude oil also contributed to significant strength among oil service stocks, as reflected by the 3.6 percent surge by the Philadelphia Oil Service Index.
Oil producer and computer hardware stocks also ended the day notably higher, while interest rate sensitive utilities and commercial real estate stocks came under pressure amid a continued increase by treasury yields.
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 also moved to the downside on the day. The German DAX Index slid by 0.6 percent and the French CAC 40 Index dipped 0.2 percent, although the U.K.'s FTSE Index bucked the downtrend and inched up by 0.1 percent.
In the bond market, treasuries moved modestly lower, extending the steep drop seen last Friday. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose 1.6 basis points to 4.552 percent.
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