Tech giants' support drives S&P and Nasdaq rebound, semiconductor index ends eight-day losing streak, US oil extends gains for eighth consecutive session.

BlockBeats news, October 20 - According to BIT (bit.com) market data, U.S. tech stocks rebounded on Monday, with the Nasdaq 100 index rising 1.2%, the S&P 500 closing up about 0.4%, and the Dow slightly lower. The semiconductor index ended an eight-day losing streak, its longest since October 2008. Among individual stocks, Amazon closed up 5%, SanDisk rose 5.5%, and SK Hynix gained nearly 5%.

Buying in the AI and chip sectors was mainly concentrated in the Magnificent Seven tech giants, but some stocks failed to hold their gains. CoreWeave briefly rose more than 7% after Goldman Sachs upgraded it to Buy, then gave back the gains and closed down about 0.4%, near Friday's low. The spread on its 2032 bonds remained around 1,000 basis points, credit spreads in the data center sector continued to widen, and hyperscale cloud-related credit spreads rose to a record high.

Goldman Sachs trading desk said the overall market remained in a wait-and-see mode, with trading activity at only 3 out of 10. Long-only funds favored buying consumer, macro products, and financials, while hedge funds were net sellers, concentrated in consumer, materials, and technology, media, and telecom. The S&P 500 reclaimed its 50-day moving average but failed to stage an effective upside breakout.

In crude oil, Middle East tensions pushed U.S. oil up for an eighth straight session. Iran said it has "no choice" but to assert control over the Strait of Hormuz. The November WTI contract rose about 2.3% to settle at $103.78, and the December Brent contract broke above $110. Rising oil prices, combined with an expected $25 billion in new investment-grade debt issuance this week, pushed the 10-year U.S. Treasury yield up about 5 to 7 basis points to 5.14%.