Business_news Dow jumps 328 points as Oracle and Nvidia deals boost tech sector


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US equities gained on Monday as a spate of deals fueled a tech-stock rally from recent lows.Apple,Facebook, andTeslaall climbed as investors turned back to mega-cap companies that have been slammed in recent weeks.

Oracle surgedafter the company confirmed that its partnership bid for TikTok’s US operations was selected by ByteDance. The firm is expected to take a sizeable stake in the platform. News of the partnership came days before the White House’s deadline for a deal.

Microsoftunderperformed the tech sector after its offer to partner with TikTok was denied.

Here’s where US indexes sat at the 4 p.m. ET market close on Monday:

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Semiconductor stocks such asQualcomm,Micron, andTSMCgained afterNvidia said it would buy Arm Holdingsfrom SoftBank in a $40 billion deal. The acquisition gives Nvidia a stronger foothold in the mobile-computing industry, as Arm designs the architecture for chips used in nearly all mobile devices.

In the healthcare sector,AstraZenecaresumed a phase-three trial in the UK after pausing it last week because of safety concerns.Gileadannouncedit would buy the biopharmaceutical firm Immunomedicsfor $21 billion; shares of the latter firm spiked on news of the deal.

The sports-betting platformDraftKingssurged afterannouncing a dealto be ESPN’s sole provider of daily Fantasy Sports and serve as ESPN’s co-exclusive partner for gambling link-outs.

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Real-estate stocks gained the most through the session, followed closely by healthcare and tech names.

Energy stocks lagged amid oil-demand concerns. The industry giantBPsaid in a Mondayreportthatfuel consumption might never return to pre-pandemic highsand could plunge as much as 60% by 2050.

The S&P 500 recently experienced itsfirst back-to-back weekly losses since March. The benchmark sank through last week as investors dumped highly valued tech stocks in choppy sessions. The Cboe Volatility Index, orVIX, Wall Street’s preferred gauge of expected market volatility, closed in on 30 on Friday, signaling that frothy price action could persist through the fall.

Still, the index’s steady decline through September should soothe traders fearing another downturn, said Chris Larkin, the managing director of trading and investment product at E-Trade.

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“While price swings may be par for the course, traders keeping an eye on the VIX could have noticed that last week’s sell-off may have been overdone — the market’s fear gauge made a lower high suggesting there was less fear in the market despite the further decline in stock prices,” he said.

Spot gold gained as much as 1.1%, to $1,962.56 per ounce. The US dollar weakened and Treasury yields climbed slightly.

Oil traded mostly lower after OPEC downgraded its demand outlook for the commodity market.West Texas Intermediate crudefell as much as 1.4%, to $36.82 per barrel.Brent crude, oil’s international benchmark, dropped 1.3%, to $39.30 per barrel, at intraday lows.

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