Nasdaq up 1.5% at midday, but most stocks are falling
Chips carried the index while roughly 70% of S&P 500 stocks traded lower; the Dow was flat.
The Nasdaq Composite rose about 1.5% by midday Monday, extending the morning's rebound, while the S&P 500 gained about 0.6% and the Dow Jones Industrial Average was little changed, per CNBC's live quotes and Barron's market ticker at about 12:24 PM ET. The bounce follows the Nasdaq's worst week since June, a drop of more than 4%, per Barron's.
The headline gains are narrow. Roughly 70% of S&P 500 stocks were lower at midday and the equal-weight S&P 500 fund fell even as the main index advanced - a sign the recovery depends on a small group of winners, mostly chips - per Yahoo Finance. A basket of 60 chip stocks recovered nearly $250 billion in market value, per the same tally. See our chip-rebound story and this morning's open story.
The week ahead tests whether the rally broadens: 70 S&P 500 companies report earnings, with Netflix and General Motors on Tuesday and Tesla, Meta and IBM on Wednesday - see our week-ahead calendar. The 10-year Treasury yield stood near 5.15%, WTI crude near $102 a barrel and the VIX near 18 at midday, per Barron's.
