US stocks rallied on Monday as technology shares rebounded from last week's volatility and oil prices declined, according to Sina Finance. The Dow Jones Industrial Average rose 1,104.02 points, or 2.15%, to close at 52,389.75, lifted by gains in Goldman Sachs and Caterpillar. The Nasdaq Composite climbed 673.71 points, or 2.74%, to 25,253.14, and the S&P 500 gained 173.08 points, or 2.35%, to 7,549.94. Following Monday's advance, the Dow now sits above its mid-term election day closing level, while the S&P 500 and the tech-heavy Nasdaq remain slightly below theirs. Oil prices fell, boosting investor sentiment. US West Texas Intermediate crude futures dropped 4.38% to settle at $86.85 per barrel, and international benchmark Brent crude fell 5.85% to $92.57 per barrel. The technology sector was also roiled by an explosive report on Sunday that NVIDIA's board is investigating CEO Jensen Huang over a relationship with a businesswoman. NVIDIA shares fell 5%. Among the other "Magnificent Seven" stocks, Amazon gained 3%, Tesla surged 6%, Alphabet rose 1%, and Microsoft added 3%. Other chip stocks also rallied, with Broadcom jumping 9% and AMD leaping 13%. The iShares Semiconductor ETF (SOXX), which had fallen about 13% last week, rose more than 7%. Jay Hatfield, CEO of Infrastructure Capital Advisors, said the recent chip selloff was "overdone" but "partially correct" due to policy uncertainty from Democratic midterm gains, though he believes data centers will ultimately be built in the US. He cautioned Monday's rebound does not mean "all clear," noting unresolved factors including Middle East conflict, elevated oil prices, and the Fed's interest rate outlook. He expects the S&P 500 to trade in a range through year-end. This week, investors will watch AI-related earnings from CoreWeave, Cisco, and Applied Materials, along with Tuesday's Consumer Price Index and Friday's Producer Price Index for clues on the Fed's next move.
