Nvidia Jumps 5.8% as Tech Stocks Bounce Back

Big Tech rallied Monday as Wall Street recovered most of its losses from last week.

• The S&P 500 rose 103.63 points, or 1.5%, to 6,832.43. The index is coming off its first weekly loss in the last four.
• The Dow Jones Industrial Average rose 381.53 points, or 0.8%, to 47,368.63.
• The Nasdaq composite rose 522.64 points, 2.3%, to 23,527.17.

Nvidia jumped 5.8% and was by far the strongest force lifting the market. It and other AI darlings like Palantir Technologies bounced back from last week, when their stocks dropped amid worries they'd grown too expensive, the AP reports. Critics say their stock prices shot too high and too fast in the mania around AI, drawing comparisons to the 2000 dot-com bubble that ultimately burst.

Palantir Technologies, jumped 8.8% for the biggest gain in the S&P 500. That helped it recover some of its loss since it delivered a profit report last week that topped analysts' expectations. Taiwan Semiconductor Manufacturing Co., which makes chips for Nvidia and other companies, saw its stock that trades in United States rise 3.1% after reporting that its revenue climbed nearly 17% in October from a year earlier. While such growth is strong compared with other companies, it's a slowdown from TSMC's earlier performance.

Losses for health insurers helped keep the market's gains in check, though. They fell as uncertainty remains about whether Washington will extend expiring health care tax credits, a sticking point on Capitol Hill that's created the longest-ever shutdown for the US government. That's even as the Senate took the first steps on Sunday to end the shutdown. President Trump suggested in a social media post over the weekend that cash being sent to "money sucking" insurance companies should instead go directly to people so they can buy their own health insurance. Humana fell 5.4%, Elevance Health sank 4.4%, and Centene dropped 8.8%.

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Tyson Foods climbed 2.3% after the seller of chicken and other proteins reported a stronger profit for the latest quarter than analysts expected. It benefited from increases in prices for its pork and beef of 11% to 17%. Roughly four out of every five companies in the S&P 500 that have reported their results for the summer have also topped analysts' profit expectations so far, according to FactSet. Companies usually beat analysts' estimates each quarter, but the pressure was high this time around because they needed to justify the big moves upward for their stock prices since April.