S&P and Nasdaq higher midday as AI stocks rebound from last week’s selloff

The S&P 500 was up about 0.6 percent near 7,710 around midday Monday. The Nasdaq Composite rose roughly 1.3 to 1.5 percent. The Dow was roughly flat to slightly higher. AI and chip names led the gains after the Nasdaq dropped 4.5 percent and the S&P 2 percent last week on spending concerns. Tech was the main driver; most other S&P stocks were lower. The VIX fell. US 10-year yield was near 5.11 to 5.13 percent. Oil stayed lower after Friday’s Russia sanctions waiver. Earnings from Tesla, Meta and others are due this week.

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