S&P 500 gains to start the week as Apple and other tech shares rally: Live updates

Stocks rose Monday, building on last week’s gains as investors scooped up battered technology shares, and interest rates stabilized.

Rising technology names lifted the Nasdaq Composite and S&P 500 by 0.4% each. The Dow Jones Industrial Average rose 83 points, or 0.25%.

Apple led the tech sector’s gains, jumping about 3% after Goldman Sachs initiated coverage with a buy rating. The iPhone maker accounts for about 7% of the S&P. Alphabet, Meta Platforms and Netflix also gained, boosting the tech-heavy index.

Rates stabilized, with the yield on the 10-year Treasury note last trading flat after briefly rising above the psychological 4% level at various points last week. An upward move raises borrowing costs for consumers and could signal a drop in investor confidence.

Stocks are coming off a positive week that saw the S&P flirt with its 200-day moving average, a key momentum indicator watched by traders. A dip below that level could signal more selling ahead.

“I think we’re basically seeing a little bit of a carry-through momentum that that level held,” said Truist’s Co-CIO Keith Lerner. “What you’re seeing more broadly, is just a little bit of follow through from last week’s rally, and you’re seeing the rally being led by the growth areas which are more sensitive to interest rates right now.”

Important catalysts this week include congressional testimony Tuesday and Wednesday from Federal Reserve Chair Jerome Powell, who will guide investors and lawmakers on how the central bank is thinking about inflation and its rate-hiking campaign going forward.

Traders also await the February jobs report on Friday, after January’s blockbuster report showed the economy added 517,000 payrolls. Economists polled by Dow Jones expect 225,000 jobs added last month.