Shares of several major technology companies rallied on Monday after suffering heavy losses last week.
Tesla was up 5.2 percent at market close on Monday, while Nvidia was up 4.8 percent and Meta, the parent company of Facebook and Instagram, was up 2.2 percent. Google parent Alphabet also rose 2.2 percent, while Microsoft rose 1.3 percent.
The only Magnificent Seven stocks that fell on Monday were Amazon and Apple, which fell 0.3% and 0.2%, respectively. However, both tech giants saw their share prices improve early in the day before gradually declining.
The recovery in the technology sector boosted the global market, pushing up all three main indices. The S&P 500 rose 1.08 percent, the Nasdaq Composite rose 1.6 percent and the Dow Jones Industrial Average rose 0.3 percent, or about 128 points.
As investors pulled out of the collection of tech giants known as the Magnificent Seven, the companies lost a collective $1.13 billion in value in five trading days last week, according to Market observation.
The technology exit was also accompanied by a chip selloff, as reports of tighter U.S. export controls and former President Trump’s comments about Taiwan roiled the industry.
Alongside Nvidia, shares of Taiwan Semiconductor Manufacturing Co. (TSMC), ASML Holding and Advanced Micro Devices (AMD) also fell last week. However, all three chipmakers closed on Monday.
This story originally appeared on thehill.com read the full story
