SanDisk rose nearly 7% at midday Monday as memory stocks rebounded after last week's selloff. The Nasdaq 100 gained 1.7%, or 511 points, to 29,699. The Nasdaq 100 remained about 2.3% below its September close. The S&P 500 advanced 0.7%, or 51 points, to 7,711. The Dow Jones Industrial Average slipped 6 points to 51,996, leaving the index nearly unchanged. A rebound in AI chip and infrastructure stocks drove the gains, while defensive and rate-sensitive groups lagged.
The Nasdaq lost more than 4% last week. Chip stocks fell nearly 10% last week. Amazon gained 4.9% to $262.32 among the Magnificent Seven stocks. The Russell 2000 rose 0.6% to 2,736.
Intel gained 5.0% as JP Morgan upgraded Intel to Neutral. Lam Research added 5.4%. Micron Technology climbed about 4%. SK Hynix gained about 6%. Marvell Technology rose 7.3% as optical stocks also advanced.
Fed Chair Warsh declined to preview next week's FOMC decision. Warsh said recent hot inflation readings had not changed Warsh's assessment of the economy. Markets priced roughly an 80% chance of an October hold. The 10-year Treasury yield rose about 6 basis points to 5.14%. The 10-year Treasury yield fell nearly 15 basis points last week.
The Technology Select Sector SPDR Fund gained 2.0%, leading the S&P 500 sectors. The Consumer Discretionary Select Sector SPDR Fund followed with a 1.6% gain. The Utilities Select Sector SPDR Fund fell 1.6% as Treasury yields rose. The Real Estate Select Sector SPDR Fund lost 1.2% as Treasury yields rose. The Health Care Select Sector SPDR Fund, Energy Select Sector SPDR Fund and Financial Select Sector SPDR Fund each slipped about 0.8%.
The VanEck Semiconductor ETF jumped 3.0%. The iShares Expanded Tech-Software Sector ETF gained 1.9%. The VanEck Gold Miners ETF fell 1.3% as gold futures eased. Gold futures fell about 0.5% to roughly $4,160 an ounce. The SPDR S&P Metals & Mining ETF added 0.7%.
Cleveland-Cliffs led the Russell 1000 gainers, rising 16.0% to $14.06 after third-quarter adjusted earnings exceeded expectations. Cleveland-Cliffs reported third-quarter adjusted earnings per share of $0.28, exceeding the $0.21 consensus. Cleveland-Cliffs reported adjusted EBITDA of $612 million. Cleveland-Cliffs management forecast fourth-quarter adjusted EBITDA above $700 million. Cleveland-Cliffs management forecast adjusted EBITDA above $4 billion next year, citing tariff-supported steel prices and volumes.
Applied Digital rose 10.2% to $19.89. TeraWulf and IREN each gained roughly 6%. The gains reflected a rebound in power-backed data center stocks after last week's selloff tied to financing concerns. FormFactor gained 8.4% to $113.78, moving in line with semiconductor-equipment peers. Teradyne rose 6.6%.
Stock Market Rebounds: SanDisk Jumps 7%, Nasdaq 100 Gains 1.7%
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Summary
The fear and greed index turned bullish Monday as SanDisk surged nearly 7% amid a memory stock rebound. The Nasdaq 100 climbed 1.7% to 29,699, while the S&P 500 rose 0.7%. AI chip and infrastructure stocks led the rally, while defensive sectors lagged. Altcoins to watch may benefit from renewed risk appetite after last week’s 4% Nasdaq drop and 10% chip stock selloff.
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