Stocks moved higher on Monday as oil prices fell sharply and tech names rebounded, while investors braced for a packed week of earnings results and the upcoming midterm elections.
The S&P 500 traded 0.5% higher, while the Nasdaq Composite gained 0.7%. The Dow Jones Industrial Average added 420 points, or 0.8%.
Brent crude tumbled 6.1% to $106.50 per barrel. U.S. West Texas Intermediate futures also pulled back more than 6% to $97.70. Oil prices extended earlier declines following reports that Iran’s supreme leader granted some authority to the government to hold peace talks.
Sentiment also improved around tech after the announcement that Marvell Technology is buying Lumentum in a $115 billion deal. Micron Technology, Sandisk and Western Digital traded slightly higher. Nvidia and Microsoft also advanced.
The moves come after the major U.S. stock benchmarks suffered a losing week, bogged down by selling pressure in tech as investors continued to scrutinize names related to the artificial intelligence buildout.
