Big technology companies led gains on Wall Street Monday, helping the S&P 500 recover most of its losses from last week. The index rose by 1.5%, while the Dow Jones Industrial Average increased by 0.8% and the Nasdaq composite posted a 2.3% gain, marking its strongest day since May.
Nvidia was a key driver in Monday’s rally, surging 5.8%. The company rebounded after leading declines last week, which some analysts attributed to concerns that artificial intelligence-related stocks had become overvalued. Taiwan Semiconductor Manufacturing Co., a major supplier for Nvidia, saw its U.S.-traded shares rise by 3.1% following an announcement that October revenue grew nearly 17% year-over-year, though this represented a slower pace compared to previous periods.
Palantir Technologies also recorded significant gains, jumping 8.8%, making it the best performer in the S&P 500 for the day. This move helped offset some of Palantir’s losses from earlier in November after releasing earnings that exceeded analyst expectations.
Health insurance stocks weighed on broader market gains as investors reacted to ongoing uncertainty regarding expiring health care tax credits in Washington and what has become the longest government shutdown in U.S. history. The Senate began steps Sunday to resolve the impasse. President Donald Trump commented over the weekend: “cash being sent to ‘money sucking’ insurance companies should instead go directly to people so they can buy their own health insurance.” Shares of Humana fell by 5.4%, Elevance Health declined by 4.4%, and Centene dropped by 8.8%.
Berkshire Hathaway slipped by 0.4%. CEO Warren Buffett told shareholders that other companies may outperform Berkshire in coming decades due to its large size; Buffett is expected to step down in January at age 95.
Tyson Foods gained 2.3% after reporting quarterly profits above analyst estimates.
According to FactSet data, about four out of five S&P 500 companies reporting summer results have surpassed profit forecasts—a higher-than-average rate driven by investor demands for strong earnings growth following recent share price increases since April.
Bank of America strategist Savita Subramanian noted that many companies are providing robust forecasts for future quarters, bringing analyst expectations for earnings in 2026 close to levels seen before former President Trump’s “Liberation Day” announcement introduced new global tariffs earlier this year.
The S&P 500 closed at 6,832.43 points (up by 103.63), the Dow Jones at 47,368.63 (up by 381.53), and the Nasdaq composite at 23,527.17 (up by 522.64).
Global markets followed suit with rallies across Europe and Asia; South Korea’s Kospi advanced by 3%. Chipmaker SK Hynix jumped by 4.5%, while Samsung Electronics rose by 2.8%.
The yield on the benchmark U.S. Treasury note remained unchanged at Friday’s level of 4.11%.
