Wall Street Sees S&P 500 and Nasdaq Rally Driven by Chip Sector Rebound

Market Rally Continues as Chip Stocks Rebound

The S&P 500 and the Nasdaq Composite surged on Monday, as chip stocks recovered from recent losses, while investors focused on second quarter earnings. The Dow Jones Industrial Average, however, fell 149.02 points, or 0.28%, to 52,751.05 as of 10:18 a.m. ET.

In the morning, the S&P 500 gained 38.57 points, or 0.52%, to 7,521.81, while the Nasdaq Composite rose 283.78 points, or 1.10%, to 26,116.45. As of 9:35 a.m. Eastern Time, the S&P 500 had risen 0.4%, the Nasdaq Composite had gained 0.8%, and the Dow Jones Industrial Average was up 0.2%.

Investors are now shifting their attention to the minutes of the US Federal Reserve's latest monetary policy meeting, scheduled for release on Wednesday, for fresh clues on the central bank's interest rate outlook. Last week's economic data pointed to a notable slowdown in US job creation in June, with payroll figures for the previous two months revised lower, reinforcing signs that the labor market is gradually losing momentum.