Tech giants propped up the market, driving rebounds in the S&P 500 and Nasdaq. The semiconductor index snapped its eight-day losing streak, while U.S. crude oil posted an eighth consecutive daily gain.

According to BIT (bit.com) market data, U.S. tech stocks rebounded on Monday: the Nasdaq 100 index rose 1.2%, the S&P 500 index closed up around 0.4%, while the Dow edged lower. The semiconductor index ended its eight-day losing streak, which had marked the longest consecutive decline since October 2008. On individual stocks, Amazon closed up 5%, SanDisk gained 5.5%, and SK Hynix rose nearly 5%. Buy orders in the AI and chip sectors were mainly concentrated among the Magnificent Seven tech giants, but some stocks failed to hold their gains. CoreWeave, after being upgraded to a Buy rating by Goldman Sachs, rallied over 7% at one point, then gave back its gains, ultimately closing down around 0.4% near last Friday’s low. The spread on its 2032-maturity bonds remains hovering around 1000 basis points; credit spreads in the data center sector continue to widen, with spreads for hyperscale cloud computing-related debt hitting a record high. Goldman Sachs’ trading desk noted that the overall market remained in a wait-and-see state that day, with trading activity at only 3 out of 10 points. Long-term funds favored buying in consumer, macro product, and financial sectors, while hedge funds were net sellers, with sales concentrated in consumer, materials, and tech, media and telecom sectors. The S&P 500 reclaimed its 50-day moving average but failed to make a valid upward breakout. In the oil market, Middle East tensions drove U.S. crude to rise for the eighth consecutive day. Iran said it had “no choice” but to assert control over the Strait of Hormuz. The November WTI contract rose around 2.3% to close at $103.78, and the December Brent contract broke above $110. The rise in oil prices, combined with the roughly $25 billion in investment-grade new bond issuance expected this week, pushed the 10-year U.S. Treasury yield up by 5 to 7 basis points to 5.14%.