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Cloud Infrastructure Tech Giants

Nasdaq up 1.2% as tech stocks recover ground but gains fade from morning highs

The index is trading at 26,446 with around 40 minutes left in the session, well below its midday peak of 26,600.

by Ian Lyall
The image depicts the Nasdaq building in Times Square, New York City, illuminated with vibrant blue lighting during twilight. Reflections of traffic and nearby skyscrapers can be seen on the wet pavement, creating a lively urban atmosphere. aiImage created using AI — ChatGPT

The Nasdaq Composite was up 1.17% at 26,446 in afternoon trading on Monday, holding onto a meaningful chunk of the morning's recovery from last week's 4.48% selloff, though buyers lost conviction through the afternoon.

The S&P 500 gained 0.52% to 7,699 and the Dow Jones Industrial Average was barely changed, up 0.07%, confirming this as a technology-led rather than broad market session.

Fear index

The CBOE Volatility Index (VIX) fell 8.6% to 18.27, from a previous close of 19.99, reflecting a meaningful easing of the anxiety that drove last week's rout even as the 10-year Treasury yield edged higher to 5.14%.

Amazon (AMZN) was the standout performer among large-caps, up 4.79% at $261.98, while Tesla (TSLA) added 3.32% to $366.48 ahead of its earnings report on Wednesday.

Intel upgrade

Intel (INTC) held a 2.45% gain at $92.05 after its JPMorgan upgrade, with early gains of over 4% paring back through the session.

Nvidia (NVDA) added 1.41% to $217.14, trading well within its 52-week range of $164 to $243.

CoreWeave (CRWV), the AI cloud infrastructure company, was the notable casualty among AI names, falling 3.16% to $59.45 despite the broader recovery, continuing a difficult stretch for the stock.

SpaceX (SPCX) was up a modest 0.90% at $147.34 ahead of tomorrow's earnings report.

Meta (META) dipped 0.47% to $705.99 as investors trimmed positions before Wednesday's earnings, when the first Muse subscriber data will be the number to watch.

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by Ian Lyall