Afternoon update

Tech led a rebound on Monday. The S&P 500 rose 0.54% to 7700.66, and the Nasdaq Composite gained 1.20% to 26454.27.

• $CLF jumped 16.30% to $14.10 after Q3 adjusted EPS of $0.28 beat the $0.21 FactSet estimate. Cleveland-Cliffs cited tariff protection and strong steel prices, and the stock traded as much as 20% higher intraday.

• Amazon rose 4.90% to $262.26. Morgan Stanley named it a top pick and raised its price target to $350 from $335. The firm cited AWS growth, Bedrock and robotics efficiencies, and it forecasts 47% AWS growth in 2027.

• Palantir gained 5.17% to $195.64 among the most active names. It announced a cloud deal with Knox Systems to deliver its software to the U.S. federal government, rebounding after Friday's AI-stock selloff.

• The AI trade recovered after last week's selloff dragged the Nasdaq down 4.5%. Easing oil prices and Treasury yields added support. The VIX hit its highest level since June on Friday.

• The Technology basket rose 1.17% on average, and Semiconductors gained 1.44%, with SMH up 1.68%. Utilities fell 1.89% on average, with all 10 names lower and XLU down 1.79%.

Dip buyers returned to tech while defensives sold off. The test is whether that conviction survives the next spike in volatility.

Not financial advice. For informational and educational purposes only.