Stocks rebounded on Monday, as investors returned to suddenly-discounted AI and chip stocks following last week's steep selloff. The Nasdaq surged nearly 300 points to lead the major indexes higher. The S&P 500 finished with a modest gain, while the Dow pivoted into the red in the final minutes before the bell. The iShares Semiconductor ETF (SOXX) snapped its nine-day losing streak, its longest skid since September 2015.
On a less positive note, according to the NAHB/Wells Fargo Housing Market Index (HMI), U.S. homebuilder confidence fell to its lowest level since June 2012. The iShares Mortgage Real Estate Capped ETF (REM) also hit its lowest level in more than six years.
WTI Stubbornly Higher
Oil prices rose Monday after last week's 10% gain, as attacks from Iran-backed Houthi militants on Saudi Arabian energy facilities and Ukrainian strikes on Russian oil infrastructure fueled supply concerns. November-dated West Texas Intermediate (WTI) futures rose $2.25 to close at $103.66 per barrel.
Gold prices inched lower, extending last week's small weekly loss. December-dated gold futures fell 0.4% to $4,163.30 per ounce.
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