"Big Tech and other superstars of the U.S. stock market are rallying on Monday, as Wall Street recovers most of its loss from last week. The S&P 500 climbed 1.3% to claw back three-quarters of its drop from last week, which was its first weekly loss in four. The Dow Jones Industrial Average was up 245 points, or 0.5%, as of 1:15 p.m. Eastern time, and the Nasdaq composite was 2.1% higher. Nvidia was by far the strongest force lifting the market and rallied 4.8%."
"Taiwan Semiconductor Manufacturing Co., which makes chips for Nvidia and other companies, saw its stock that trades in United States rise 3.1% after reporting that its revenue climbed nearly 17% in October from a year earlier. While such growth is strong compared with other companies, it's a slowdown from TSMC's earlier performance. Another AI darling, Palantir Technologies, jumped 8.9% for the biggest gain in the S&P 500. That helped it recover some of its loss since it delivered a profit report last week that topped analysts' expectations."
"Losses for health insurers helped keep the market's gains in check, though. They fell as uncertainty remains about whether Washington will extend expiring health care tax credits, a sticking point on Capitol Hill that's created the longest-ever shutdown for the U.S. government. That's even as the Senate took the first steps on Sunday to end the shutdown. President Donald Trump suggested in a social media post over the weekend that cash being sent to "money sucking" insurance companies should instead go directly to people so they can buy their own health insurance."
Major U.S. stock indexes rebounded, with the S&P 500 rising 1.3%, the Nasdaq up 2.1%, and the Dow climbing modestly as markets recovered most of last week's losses. Nvidia led gains, rallying 4.8% after its AI-driven shares had been central to the prior sell-off. Taiwan Semiconductor's U.S.-traded shares rose after reporting revenue growth, though momentum has slowed. Palantir jumped after better-than-expected profits. Health insurers dragged on the rally amid uncertainty over expiring health care tax credits and the ongoing government shutdown, even as the Senate began steps to end it.
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]