Stocks largely rebounded on Monday, recouping some losses from last Friday's sell-off. Both the Nasdaq and S&P 500 made solid gains, while the Dow remained mostly flat.
As of the latest updates, the Nasdaq rose by 166.58 points, or 0.9%, to 18,846.70; the S&P 500 gained 32.59 points, or 0.6%, to 5,903.21; and the Dow inched up by 31.87 points, or 0.1%, to 43,476.86.
The upswing on Wall Street is partly attributed to bargain hunting, as investors seek to acquire stocks at more attractive prices after last week's significant declines. The previous week saw major indices retracting from their record highs, driven by apprehensions regarding interest rates and uncertainties surrounding President-elect Donald Trump's prospective policies and cabinet appointments.
Investors are also keenly anticipating quarterly results from Nvidia (NVDA), widely recognized as a market influencer, which will announce its fiscal third-quarter results post-trading on Wednesday.
Turning to U.S. economic news, the National Association of Home Builders reported a substantial improvement in homebuilder confidence for November, far exceeding expectations. The NAHB/Wells Fargo Housing Market Index rose to 46, up from October's 43, while forecasts expected a modest increase to 44. This surge brings the index to its highest point since April.
Sector Highlights
Gold stocks experienced a sharp rise, as evidenced by a 4.5% increase in the NYSE Arca Gold Bugs Index. This surge coincides with a notable rise in gold prices, with December delivery gold jumping $48.50 to $2,618.60 per ounce.
Significant gains were also observed in the computer hardware sector, marked by a 2.9% rise in the NYSE Arca Computer Hardware Index. Super Micro Computer (SMCI) led the charge following a Barron's report indicating the company plans to file a strategy to evade Nasdaq delisting.
Natural gas, brokerage, and steel stocks showed strength, while airline stocks faced downward pressure.
Global Markets
In Asia-Pacific trading, markets showed mixed results on Monday. Japan's Nikkei 225 Index fell by 1.1%, while Hong Kong's Hang Seng Index grew by 0.8%.
European markets also presented a mixed picture. The German DAX Index slipped by 0.1%, whereas France's CAC 40 Index ascended by 0.2%, and the U.K.'s FTSE 100 Index increased by 0.5%.
In the bond market, treasuries saw a slight decline after remaining relatively unchanged last Friday. Consequently, the yield on the benchmark ten-year note increased by 2.3 basis points to 4.449%.