Tech stocks recover, boosting overall market

Shares in several major technology companies recovered on Monday after suffering heavy losses last week.

Tesla was up 5.2 percent as of market close Monday, while Nvidia climbed 4.8 percent and Meta, the parent company of Facebook and Instagram, rose 2.2 percent. Google parent Alphabet also climbed 2.2 percent, while Microsoft was up 1.3 percent. 

The only Magnificent Seven stocks to fall Monday were Amazon and Apple, which dipped 0.3 percent and 0.2 percent, respectively. However, both tech giants saw their share price improve earlier in the day before tapering off. 

The recovery in the tech sector boosted the overall market, pushing all three major indices higher. The S&P 500 was up 1.08 percent, the Nasdaq Composite rose 1.6 percent and the Dow Jones Industrial Average climbed 0.3 percent, or about 128 points. 

As investors pulled back from the collection of tech giants known as the Magnificent Seven, the companies lost a collective $1.13 trillion in value across five trading days last week, according to MarketWatch. 

The rotation out of tech was also accompanied by a sell-off in chips, as reports of stricter U.S. export controls and former President Trump’s comments about Taiwan roiled the industry. 

Alongside Nvidia, shares in Taiwan Semiconductor Manufacturing Co. (TSMC), ASML Holding and Advanced Micro Devices (AMD) also dipped last week. However, all three chipmakers were up Monday.