Wall Street started the new week on a positive note, with all major indices in the green. A rebound in tech stocks following last week's dips bolstered overall investor sentiment. Investors focused on the start of the tech earnings season, looking past President Joe Biden's withdrawal from the reelection campaign.

For geopolitical reasons, semiconductor stocks rallied on Monday. The VanEck Semiconductor ETF (NYSE:SMH) and the iShares Semiconductor ETF (NYSE:SOXX) both rose by 2.5%.

The tech-heavy Nasdaq 100 index surged 1% by 12:40 p.m. in New York, poised to snap a three-day losing streak. The S&P 500 edged up 0.7%, while blue-chip stocks in the Dow Jones took a breather. Small-cap stocks showed a 0.4% gain.

In the election arena, betting-implied odds of Kamala Harris winning the November election rose to 29% after Biden dropped his reelection campaign.

Treasury yields increased, with the 30-year yield up 5 basis points to 4.5%, sending the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) down by 0.7%. The dollar remained steady.

In commodities, metals softened with gold, silver and copper down 0.4%, 0.5% and 1%, respectively. In energy, natural gas spiked by 7%, driven by Freeport LNG resuming shipments after Hurricane Beryl and expectations of higher cooling demand due to hot weather. Oil prices, tracked by the United States Oil Fund (NYSE:USO), fell 0.7%, with West Texas Intermediate (WTI) light crude on track to close at its lowest level in over a month.

Bitcoin (CRYPTO: BTC) dropped 1.8%.

Monday's Performance In Major US Indices, ETFs

Updated at 12:40 p.m. ET

According to Benzinga Pro data:

• The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.6% higher to $552.42.

• The SPDR Dow Jones Industrial Average (NYSE:DIA) held steady at $402.80.

• The tech-heavy Invesco QQQ Trust (ARCA: QQQ) rose 1.1% to $480.36.

• Sector-wise, the Technological Select Sector SPDR Fund (NYSE:XLK) outperformed, up by 1.6%, while the Energy Select Sector SPDR Fund (NYSE:XLE) lagged, down 0.5%.

Monday's Stock Movers

• CrowdStrike Holdings Inc. (NASDAQ:CRWD) tumbled 13% after plummeting over 11% Friday, after the cybersecurity company was downgraded by several investment banks, including Scotiabank, Guggenheim and BTIG, coupled with trimmed price target cuts.

• Nvidia Corp. (NASDAQ:NVDA) surged 3.8% after Reuters reported Monday the chipmaker is developing a version of its new flagship Blackwell AI chip tailored for the Chinese market, ensuring it complies with U.S. export controls.

• Verizon Communications Inc. (NYSE:VZ) fell 6.4% in reaction to quarterly results that showed earnings broadly matching expectations but a miss on the revenue front.

• Other stocks reacting to company earnings were Truist Financial Corp. (NYSE:TFC), up 2.9% and IQVIA Holdings Inc. (NYSE:IQV), up 6.2%.

• Mattel Inc. (NASDAQ:MAT) rallied over 19% following reports of an acquisition offer by L Catterton.

• Companies expected to report earnings after the close include Cadence Design Systems Inc. (NASDAQ:CDNS), NXP Semiconductors NV (NASDAQ:NXPI), Nucor Corp. (NYSE:NUE), Brown & Brown Inc. (NYSE:BRO) and W.R. Berkley Corp. (NYSE:WRB).