S&P 500, Nasdaq Rebound, as Nvidia, Tesla and Rest of Magnificent Seven Rally

The $S&P 500 Index(.SPX.US)$ recovered from its biggest weekly slump since April, and the $Nasdaq Composite Index(.IXIC.US)$ rebounded, buoyed by gains in $NVIDIA(NVDA.US)$, $Tesla(TSLA.US)$ and the rest of their Magnificent Seven peers.

Nvidia, which dominates the semiconductor market for chips used to power artificial intelligence applications saw its shares climb 4.6% Monday, recouping some of its loss last week. Earlier Piper Sandler analyst Harsh Kumar raised his price target on the stock, optimistic that the company's quarterly revenue will again blow past analysts' estimates.

Tesla and $Alphabet-C(GOOG.US)$ advanced ahead of earnings. $Microsoft(MSFT.US)$ rebounded from last week's slump that came after a buggy software update by $CrowdStrike(CRWD.US)$ triggered a global outage for Windows. $Apple(AAPL.US)$ , $Amazon(AMZN.US)$ and $Meta Platforms(META.US)$ also gained.

The S&P 500 gained 1.1% to 5,567.36 at 2:35 p.m. in New York Monday, while the Nasdaq rose 1.7% to 18,034.75 and the $Dow Jones Industrial Average(.DJI.US)$ added 0.3% to 40,412.10.

The stock of the third-largest company by market capital, behind $Apple(AAPL.US)$ and $Microsoft(MSFT.US)$, rallied 4.8% to $123.62, helping fuel the bounce seen in the broader stock. Those gains also added to the gains in the PHLX Semiconductor Index.