Shares of several major technology companies recovered on Monday after suffering big losses last week.
Tesla rose 5.2% as of the market close on Monday, Nvidia rose 4.8%, Facebook and Instagram parent Meta rose 2.2%, Google parent Alphabet rose 2.2%, and Microsoft rose 1.3%.
Amazon and Apple were the only Magnificent Seven stocks to fall on Monday, down 0.3% and 0.2%, respectively, but both tech giants’ shares rose earlier in the day and later pared their losses.
The tech sector’s recovery helped buoy the broader market, with all three major indexes rising: the S&P 500 rose 1.08%, the Nasdaq Composite rose 1.6% and the Dow Jones Industrial Average added 0.3%, or about 128 points.
A combined total of $1.13 trillion in corporate value was wiped out over the last five trading days as investors pulled out of a group of big tech companies known as the Magnificent Seven, according to a report. Market Watch.
The sell-off in tech stocks was accompanied by selling in semiconductor stocks amid turmoil in the industry over reports of tightening U.S. export controls and former President Trump’s comments about Taiwan.
Nvidia, Taiwan Semiconductor Manufacturing Co. (TSMC), ASML Holdings Inc. and Advanced Micro Devices Inc. (AMD) also fell last week, but all three chipmakers rose on Monday.
