Nasdaq up 2% after Friday selloff; tech leads sectors

NASDAQ UP 2% AFTER FRIDAY SELLOFF; TECH LEADS SECTORS

The three major U.S. stock indexes are sharply higher in midday trading, led by gains of 2% in Nasdaq IXIC and a jump in technology shares, as the market recovered from Friday's sharp selloff.

All S&P 500 SPX sectors are higher except consumer staples S5CONS, with technology S5INFT up more than 2% and leading the charge higher.

Sentiment improved as trade tensions between China and the U.S. eased since Friday, when U.S. President Donald Trump threatened tariffs on China in the morning and followed up after the close by saying he would impose an additional 100% tariff on China's U.S.-bound exports.

U.S. Treasury Secretary Scott Bessent said on Monday Trump remains on track to meet Chinese leader Xi Jinping in South Korea in late October as the two sides try to de-escalate tensions over tariffs.

Investors are also keen to get reports from U.S. companies on the third quarter.

The reporting period kicks off with reports from some of the big banks this week including JPMorgan JPM on Tuesday. Investors may be especially eager this earnings season to hear what companies are saying about the impact of tariffs on their businesses as well as whether big spending in artificial intelligence is paying off.

Here is the midday market snapshot:

(Caroline Valetkevitch)

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