Wall St. Continues Painful Recovery

The S&P 500 and NASDAQ rose Monday, as strong gains in tech helped Wall Street regain some of last week’s losses.

The Dow Jones Industrials collapsed 178.61 points to stop for lunch Monday at 34,322.05.

The much-broader index dipped 0.88 points to 4,368.83.

The NASDAQ index managed to hang onto gains of 59.91 points to 13,350.69.

Tech was the best-performing S&P 500 sector, up 0.8%. Palo Alto Networks led the gains with a 15% jump after the cybersecurity company reported better-than-expected earnings Friday. The stock was also on pace for its biggest one-day pop in nearly two years.

Shares of Nvidia added 4.8% in Monday morning trading. Several technology names were also in the green, with Pinterest up 4.6%, Tesla trading higher by 5.9% and Facebook-parent Meta up 1.1%.

Those moves come after weekly declines on Wall Street, which added to the market’s late-summer slump. The S&P 500 and NASDAQ each fell for a third straight week, while the Dow had its biggest weekly decline since March.

Investors digested rising bond yields and weakness out of China that put a damper on markets during a typically lackluster season.

This week, investors are anticipating an address Friday morning from Federal Reserve Chair Jerome Powell at the central bank’s annual symposium at Jackson Hole, Wyoming.

Prices for the 10-year Treasury dived, pushing yields up to 4.35% from Friday’s 4.25%. Treasury prices and yields move in opposite directions.

Oil prices acquired 37 cents to $81.62 U.S. a barrel.

Gold prices collected a dollar to $1,917.50 U.S. an ounce.