Tech Stocks Partially Recover as Memory Chips Rise and Homebuilders Fall
Technology stocks led a partial recovery on Monday after last week's AI-driven selloff, with the Nasdaq Composite rising about 1.1% and the S&P 500 gaining around 0.4%. The Dow Jones Industrial Average edged down slightly under 0.1%. Memory chips and cloud infrastructure companies saw strong gains while homebuilders fell sharply following a drop in builder confidence to its lowest level since June 2012. Oil prices showed mixed signals, with West Texas Intermediate rising $2.25 on contract expiry distortions but Brent crude slipping after an executive order easing sanctions on Russian energy exports and regional tensions near the Strait of Hormuz. Housing market data highlighted weak buyer traffic and price cuts by builders due to high mortgage rates and construction costs. Key companies in focus included DHT Holdings, Penguin Solutions, LGI Homes, Redwire Corporation, and Applied Digital Corporation.
Tickers: $APLD $DHT $DOW $LGIH $PENG $RDW $SPX
Topics: housing market oil technology