Major US stock indices opened higher on Monday, as chip stocks rebounded, while investors are focused on second quarter earnings.
As of 9:35 a.m. Eastern Time, the S&P 500 rose 0.4%, the Nasdaq Composite gained 0.8%, and the Dow Jones Industrial Average was up or 0.2%.
In the bond market, the yield on the 10-year Treasury fell to 4.47% from 4.49% late Thursday.
There was not “a specific news catalyst accounting for the return to the semiconductor stocks,” said Patrick O’Hare of Briefing.com.
He suggested this was due to investors seeking to cash in on lower prices recently.
Investor sentiments were also boosted as crude oil prices declined amid optimism over US-Iran peace talks, and while markets assess reports that traffic through the key maritime route Strait of Hormuz is improving.
“The fact that oil prices remain under wraps and that interest rates are behaving themselves coming out of the holiday weekend is helping the market start on the right foot this week,” he added.
Key Stock Movers
Shares of chipmakers Broadcom rose 5.7% and Micron Technology climbed 2.8%.
TeraWulf stock jumped 16.9% after the firm said Anthropic agreed to a 20-year deal to use its data center in Kentucky. The deal is expected to be worth roughly $19 billion.
