Dow closes more than 200 points higher, S&P 500 snaps 6-day losing run as tech resurges: Live updates

Stocks closed higher on Monday, with the Dow Jones Industrial Average soaring more than 200 points and the S&P 500 breaking a six-day losing streak.

The S&P 500 gained 0.87% to finish the session at 5,010.60, while the Nasdaq Composite added 1.11% to 15,451.31. The Dow gained 253.58 points, or 0.67%, to close at 38,239.98.

— Brian Evans

Crude oil futures edged lower on Monday after Iran said it would not escalate the conflict with Israel.

The West Texas Intermediate contract for May fell 29 cents to settle at $82.85 a barrel, while June Brent futures fell 29 cents to settle at $87 a barrel. U.S. crude oil and the Brent fell 3% last week. The two benchmarks are up nearly 16% and 13% this year, respectively.

Iranian Foreign Minister Hossein Amirabdollahian told NBC News the country does not plan to respond to Israel's retaliatory strike launched Friday.

— Spencer Kimball

Investors should dial back their exposure to U.S. bonds as Fed rate cuts increasingly appear to be pushed into the future, according to Ned Davis Research.

Joseph Kalish, the fund's chief global macro strategist, said in a note to clients that NDR was reducing its exposure to U.S. bonds in its global fixed income allocation model to a market weight position from an overweight position.

"A flight to safety trade last week temporarily helped U.S. bonds outperform. But fundamentals and technicals continue to work against U.S. debt relative to other economies. The U.S. economy remains firm, inflation is sticky, and the Fed keeps pushing back when it will cut rates," the note said.

Investors should replace that exposure with incremental additions to European and Japanese bonds, according to Ned Davis Research.

— Jesse Pound

The S&P 500 was poised to snap a six-day losing streak as a broad rally helped the benchmark index bounce.

The broad index rose more than 1% in Monday's session, regaining some ground amid a drop of more than 4% this month. If the S&P 500 closes the trading day in the green, it would be the first positive day in the last seven.

All 11 sectors of the S&P 500 traded higher in afternoon trading shortly after 2 p.m. ET, led by financials and information technology with gains of more than 1.5% each. Truist Financial was the best performer of the former with a nearly 4% jump, while Nvidia's rally of more than 4% was the biggest within the latter sector.

Materials saw the smallest advance of the 11, but was still up about 0.5%.

— Alex Harring

Informatica slipped more than 8% after the enterprise data manager said it was not for sale.

The company has garnered recent buzz as an acquisition target of Salesforce. Earlier reports suggested the potential for a deal valued at roughly $10 billion.

Informatica shares have fallen more than 8% this month, but are still up almost 13% this year.

Salesforce rose less than 1% in midday trading Monday.

— Alex Harring, Rohan Goswami

If the S&P 500 swings into the red on Monday, it would mark the seventh straight negative session for the broad index. That would be a first since 2020 and one of just a handful of occurrences in this century, according to Deutsche Bank.

A seventh down day would be the first since February 2020, when the market started to drop amid Covid-19 pandemic fears. It would be only the sixth time since 2000, according to bank data.

Here are the five times this milestone was reached this century:

1. October 2008, amid the Global Financial Crisis
2. October 2016 and November 2016, heading into the presidential election
3. July 2011 and August 2011, with the U.S. debt ceiling and European crisis brewing
4. November 2011, also amid the European crisis
5. February 2020, as Covid began spreading globally

Bank research shows that the broad index typically sees a rebound after six down sessions in a row. Still, a run of six losing days is still fairly unique, with last week marking only the ninth time it has happened over the past decade.

— Alex Harring

JPMorgan has moved to a neutral rating on Cisco, from a not-rated designation, citing the tech company's muted outlook for the medium term.

Analyst Samik Chatterjee said in a note Monday that Cisco's campus networking, a significant part of the company's product revenue, is still facing challenges in relation to the broader recovery. Its network switches and wireless local-area network, or WLAN, enjoyed a surge in demand during the Covid-19 pandemic, he pointed out.

"With a recently refreshed installed base, the Campus market is now in correction; while the pace of incremental headwinds are moderating following a few consecutive quarters of declines, at the same time we expect a sluggish recovery tracking below the long-term growth rate before we return to normal replacement cycles," Chatterjee wrote.

However, Splunk, which Cisco bought for $28 billion last year, is expected to bring incremental growth to Cisco's overall top line, he said.

Chatterjee's $53 price target suggests nearly 10% upside from Friday's close.

— Michelle Fox

Gold futures were lower on Monday and were on pace for their first lost in three sessions.

Bullion hit a low of $2,344.70 per ounce earlier on Monday, its lowest level since April 15. The VanEck Gold Miners ETF (GDX) is also on track for its worst day since Feb. 13.

— Brian Evans, Nick Wells

Stocks ticked higher on Monday, with Wall Street looking to rebound from a string of losses last week.

The S&P 500 inched up 0.4%, while the Nasdaq Composite added 0.32%. The Dow Jones Industrial Average climbed 94 points, or 0.61%.

— Brian Evans

These are some of the stocks making notable moves before the bell on Monday.

• Li Auto, Tesla — The electric vehicle makers slid more than 7% and 3%, respectively, following price-cut announcements. U.S. shares of Chinese electric vehicle makers Nio and Xpeng retreated in tandem.
• Verizon — The telecommunications giant traded 1.5% higher as earnings per share topped expectations and full-year guidance was affirmed.
• Hut 8 — Shares gained 2.6% after Benchmark initiated coverage of the data center operator with a buy rating.

See the full list here.

— Alex Harring

Shares of telecommunications giant Verizon were 2% higher in premarket trading after the company shed less subscribers than expected in the first quarter.

Verizon surpassed Wall Street's earnings estimates in the first quarter, reporting $1.15 per share excluding items, compared to an estimate from analysts polled by FactSet that forecast $1.12. Verizon's first-quarter revenue of $33 billion was slightly below estimates that called for $33.32 billion.

— Brian Evans

European stocks opened higher Monday, with the benchmark Stoxx 600 index up 0.5% by 8:05 a.m. London time.

The U.K.'s FTSE 100 climbed 1.1%, while France's CAC 40 was 0.5% higher and Germany's DAX was up 0.7%.

— Jesse Pound, Tanaya Macheel

The three key futures contracts rose when trading opened at 6 p.m. in New York. Dow futures were briefly up 100 points.

— Jesse Pound

Here is where the key averages stand after Friday's decline in tech:

• The S&P 500 fell 0.88% on Friday, its sixth negative session in a row.
• The S&P 500 closed the week down 3.05%.
• The Nasdaq Composite fell 2.05% on Friday, its sixth negative session in a row.
• The Nasdaq Composite finished the week down 5.52%.
• The Dow gained 211 points, or 0.56%, on Friday, its second positive session in a row.
• The Dow closed the week up 0.01%.

— Jesse Pound, Christopher Hayes