Tech giants’ support drives S&P 500 and Nasdaq rebound; semiconductor index ends eight-day losing streak; U.S. oil prices rise for the eighth consecutive day.

On Monday, October 20, BIT (bit.com) market data showed U.S. tech stocks rebounded collectively: the Nasdaq-100 Index rose 1.2%, the S&P 500 edged up ~0.4%, and the Dow Jones Industrial Average posted a slight decline. The semiconductor index reversed its slide, ending an eight-day losing streak—the longest such stretch since October 2008. Among individual stocks, Amazon gained 5%, SanDisk rose 5.5%, and SK Hynix climbed nearly 5%. Buying interest in AI and chip-related names centered largely on the “Magnificent Seven,” though several names failed to sustain intraday gains. CoreWeave surged over 7% intraday after Goldman Sachs upgraded it to “Buy,” but later sharply reversed—closing down ~0.4% near last Friday’s lows. Its 2032-maturity bonds continue trading with a credit spread of ~1,000 basis points; overall data center sector spreads are widening, while hyperscale cloud-related bond spreads have hit record highs. Goldman Sachs’ trading desk noted market sentiment remained generally cautious, with trading activity scoring just 3 out of 10; long-only funds focused on adding consumer, macro, and financial assets, while hedge funds net-sold—pressuring consumer discretionary, materials, and technology, media & telecom sectors. Although the S&P 500 reclaimed its 50-day moving average, it lacked convincing breakout momentum. In oil markets, escalating Middle East geopolitical tensions pushed U.S. crude higher for the eighth consecutive session; Iran stated it has “no choice” but to assert control over the Strait of Hormuz. WTI crude for November delivery rose ~2.3% to $103.78 per barrel, while Brent crude for December crossed $110 per barrel for the first time. Rising oil prices—combined with an expected ~$25 billion in investment-grade new bond issuance this week—pushed the 10-year U.S. Treasury yield up 5–7 bps to 5.14%.