S&P 500, Nasdaq climb as AI-linked stocks recover ahead of earnings

• S&P 500 and Nasdaq rebound Monday as AI stocks recover from last week's steep selloff • Chipmakers and Amazon rally on upgrades; CoreWeave gets Goldman buy rating despite debt concerns • Investors await key earnings this week from Meta, Tesla and SpaceX amid rate worries The S&P 500 and Nasdaq rose Monday as AI-related stocks rebounded from last week's sharp selloff, helped by easing oil prices ahead of major earnings reports. Both indexes had posted their worst weekly drop since late June on Friday amid fears that higher interest rates could curb AI infrastructure spending. The Dow slipped slightly, dragged down by JPMorgan Chase, Sherwin-Williams and Visa, on the 39th anniversary of Black Monday's 1987 crash. Chipmakers Broadcom and Micron gained 2.2% and 4.3%, lifting the Philadelphia Semiconductor Index 2.5% and ending an eight-day losing streak. Amazon rose 2.3% after Morgan Stanley named it a "top pick," while Goldman Sachs upgraded CoreWeave to "buy," calling last week's 25%-plus plunge a buying opportunity; shares were roughly flat Monday. "The tech selloff last week because of the rise in interest rates and the problems with CoreWeave sending shockwaves through the market. I don't think that is over just yet," said Sam Stovall of CFRA Research, adding investors will watch which companies look most vulnerable in this week's earnings. Meta and Tesla report Wednesday, with SpaceX due Tuesday. As of 9:52 a.m. ET, the Dow fell 0.20% to 51,900.39, the S&P 500 gained 0.45% to 7,693.71, and the Nasdaq rose 0.95% to 26,389.16, led by a 1.2% jump in tech. Brent crude fell 1.3% to about $108 a barrel after Trump waived some Russia sanctions. Intel rose 5.1% on a J.P. Morgan upgrade, and Cleveland-Cliffs surged 8.7% after beating profit estimates.