On Monday, the New York stock market rebounded.
The Wall Street Fear Index, or CBOE Volatility Index (VIX), plummeted by over 13%, falling below the critical 20 level. The three major indexes each posted substantial gains of over 1%.
All the M7 big-tech stocks that had pressured the market with recent declines saw a rise, except for Alphabet, which is facing an antitrust lawsuit from the Department of Justice.
Notably, Nvidia surged by over 3.5%, leading to an overall market increase.
Market Rebound
The major indexes began the day on a positive note.
The Dow Jones Industrial Average rose by 484.48 points, or 1.20%, closing at 40,829.59. The S&P 500 and Nasdaq ended the day with gains of 1.16%. Specifically, the S&P 500 increased by 62.63 points to 5,471.05, while the Nasdaq jumped 193.77 points to 16,884.60.
The VIX dropped by 2.93 points, or 13.09%, settling at 19.45, reflecting a significant reduction in market anxiety.
M7 Stocks Performance
Among the M7 big-tech stocks, all showed strong performance except Alphabet.
Nvidia, which had suffered a dramatic 13.9% drop over the previous four trading days, rebounded with a 3.54% increase. Its stock climbed by $3.64 to $106.47.
Tesla also recovered, gaining 2.6% after an 8.5% decline the previous week. The rise was fueled by news of Tesla’s partnership with Eaton to extend home battery power during outages and Beam Global’s introduction of streetlights capable of charging electric vehicles using solar and wind energy. Tesla’s stock closed up $5.54 at $216.27.
Apple managed to break its pattern of stock price declines on new iPhone launch days. On the day it introduced the iPhone 16 and iPhone 16 Pro, Apple’s stock increased by $0.09 to $220.91, reversing a day-long decline with a last-minute surge in buying.
Microsoft gained $4.02, or 1.00%, to close at $405.72. Amazon rose by $4.01, or 2.34%, to $175.40, and Meta Platforms added $4.52, or 0.90%, to end the day at $504.79.
In contrast, Alphabet was the sole M7 stock to decline, down by $2.01, or 1.33%, closing at $148.71. The drop followed the initial hearing of the antitrust lawsuit filed by the US Department of Justice and 17 states.
International Oil Prices Rebound, Rising Over 1%
International oil prices also saw a rebound.
Despite ongoing concerns over reduced oil demand due to economic slowdowns in the US and China, forecasts of a tropical storm strengthening into a hurricane and potentially impacting the US contributed to the price increase.
Brent crude, the international benchmark, closed at $71.84, up $0.78, or 1.10%, from the previous weekend. West Texas Intermediate (WTI), the US benchmark, rose by $1.04, or 1.54%, to $68.71 per barrel. Both Brent and WTI saw rebounds after consecutive days of decline.
