Stock Market Update: Tech Stocks Rebound, Nasdaq Leads Gains

Tech stocks rebounded on Monday, leading to a surge in the major averages on Wall Street. The Nasdaq led the charge, with Nvidia helping to drive the tech sector back up after a steep drop last week. Semiconductor and software stocks also saw significant gains, while telecom and oil stocks dipped.

In addition to the market rally, news broke that President Joe Biden has decided to drop out of the presidential race and endorse Vice President Kamala Harris. This move comes after Biden’s poor debate performance raised doubts about his fitness for another term. The announcement has been met with positive response from the market, with analysts predicting increased volatility until a new Democratic candidate is confirmed.

Looking ahead, investors are turning their focus to a report on personal income and spending in June, which could impact the Federal Reserve’s decisions on interest rates. Overseas, Asian markets experienced mixed results, while major European markets moved higher. In the bond market, treasuries are gaining ground, with the yield on the benchmark ten-year note down.