Investing.com -- The S&P 500 jumped Monday as an Nvidia-led rebound in tech stocks following recent weakness as investors looked ahead to megacap tech quarterly earnings this week.
At 16:00 ET (20:00 GMT), the S&P 500 gained 1.1%, marking its biggest one-day gain since Jun.5, while the NASDAQ Composite climbed 1.6%, and Dow Jones Industrial Average rose 128 points, or 0.3%.
Nvidia boosts tech ahead of earnings from megacap
NVIDIA Corporation (NASDAQ:NVDA) closed nearly 5% higher following a Reuters report that the chipmaker is is developing a B20 version of its Blackwell GPU specifically for the Chinese market that would be in compliance with U.S. export controls.
The chip in Nvidia help lift the broader tech sector higher and stoked dip buying following the sector's recent wobble as investors looked ahead to earnings due Tuesday from megacap tech companies including Alphabet (NASDAQ:GOOGL) and Tesla (NASDAQ:TSLA).
Ahead of Alphabet's results, Wedbush said it believes the setup for the tech giant "remains positive heading into 2Q results, " as its ad survey and agency commentary point to "continued strength for Google Search."
Ahead of Tesla's earnings, CEO Elon Musk said humanoid robots would be deployed for internal use next year.
Biden pulls out of race, Harris seen as Democrat nominee
Biden’s withdrawal comes amid growing calls from members and donors of his party for him to step down, amid concerns over his mental health and that he may not be able to effectively run against the Republican candidate Donald Trump.
Biden, the 46th president, endorsed Vice President Kamala Harris as his successor, but she still needs to be officially nominated by the Democratic Party, with a vote due in August. Trump was nominated as the Republican presidential candidate last week.
CBS polling data from last week showed Trump polling better than Biden, especially in the wake of a failed assassination attempt on the former president. It also showed Trump had a slight edge over Harris.
“Some polls have Harris performing better than Biden against Trump, and the Democrats will be hoping the next polls feature a Harris-driven bump.”
Vice President Kamala Harris has won several endorsements to be the Democratic presidential nominee from Democratic leaders including former House Speaker Nancy Pelosi.
IQVIA, Verizon display mixed fortunates on earnings stage; Crowdstrike fallout continues
IQVIA Holdings Inc (NYSE:IQV) rose more than 9% after reporting quarterly results that Wall Street, driven by strength in its technology and analytics business.
Verizon Communications Inc (NYSE:VZ) fell 6% after its second-quarter revenue fell short of estimates as despite the telecoms giant adding more wireless subscribers than expected in quarter.
Beyond earnings, CrowdStrike Holdings Inc (NASDAQ:CRWD) closing 14% lower as several firms on Wall Street including Scotiabank, BTIG, and Guggenheim downgraded the cybersecurity firm, with the latter citing potential demand damage from the update that caused widespread outage of Windows computers.
(Peter Nurse, Ambar Warrick contributed to this article.)