Nasdaq leads rally as Dow rebounds 200 points

US stocks rallied midday Monday as investors end a volatile month and ahead of another busy week for earnings.

The Nasdaq Composite took the lead with a 2.3% rise as Tesla and Netflix led the gains.

Teleprinter Security Last Change Change %
I: COMP NASDAQ COMPOSITE INDEX 14126.568689 +356.00 +2.59%
TSLA TESLA INC. 930.22 +83.87 +9.91%
NFLX NETFLIX INC. 423.42 +39.06 +10.16%

The Dow Jones Industrial Average rose more than 200 points or 0.6%, reversing morning losses and the S&P 500 rose 1%.

Teleprinter Security Last Change Change %
Me: DJI DOW JONES AVERAGES 34974.14 +248.67 +0.72%
SP500 S&P500 4491.92 +60.07 +1.36%

For the month, all three major averages are down, with the Nasdaq the worst at over 10%.

Teleprinter Security Last Change Change %
BA THE BOEING CO. 199.31 +8.72 +4.58%

Boeing rose after announcing a new $6.8 billion order from Qatar Airways for GE9X engines as part of its global launch order for up to 50 Boeing 777-8 Freighters. The commitment, which includes 34 firm orders for 777-8s and 16 additional purchase right options, also includes GE90 engines for an additional order for two Boeing 777 Freighters.

Teleprinter Security Last Change Change %
mRNA MODERNA INC. 167.86 +8.39 +5.26%

Moderna also surged after the Food and Drug Administration fully cleared COVID-19 use for people 18 and older. Previously, the vaccine was administered via the emergency use classification.

The deal-making was active on Monday, with Citrix Systems confirming it would go private in a deal valued at $16.5 billion as Evergreen Coast Capital Corporation, a subsidiary of Elliott Investment Management LP and of Vista Equity Partners, acquires the company.

Teleprinter Security Last Change Change %
CTX CITRIX SYSTEMS INC. 101.64 -3.92 -3.71%

Blackberry sells the majority of its patents related to an old smartphone branch for $600 million to Catapult IP Innovations.

Teleprinter Security Last Change Change %
BB BLACKBERRY LTD. 8:20 am +0.32 +4.06%

And JB Hunt Transport Services Inc. buys Zenith Freight Lines from Bassett Furniture Industries, Inc., in a deal valued at $87 million.

Teleprinter Security Last Change Change %
JBHT JB HUNT TRANSPORTATION SERVICES INC. 192.50 +0.60 +0.31%
BSET BASSETT FUR 18.12 +4.18 +29.99%

In earnings news, Cirrus Logic and NXP Semiconductor are expected to report on Monday.

Teleprinter Security Last Change Change %
RAW CIRRUS LOGIC INC. 87.71 +2.46 +2.89%
NXP NUVEEN SEL TF P 3 FD 15.10 +0.01 +0.10%

Later in the week, technology will be front and center with Amazon, Google and Meta Platforms, formerly Facebook, set to report.

Teleprinter Security Last Change Change %
AMZN AMAZON.COM INC. 2,972.22 +92.66 +3.22%
GOOGL ALPHABET INC. 2,695.71 +28.69 +1.08%
Facebook META PLATFORMS INC. 310.63 +8.92 +2.96%

Sony Pictures’ “Spider-Man: No Way Home” grossed $11 million over the weekend, according to studio estimates on Sunday, bringing its domestic total to $735.9 million. Marvel’s success accounted for a huge percentage of the month’s ticket sales.

Teleprinter Security Last Change Change %
SONY SONY CORP GROUP 111.41 +4.56 +4.27%

In commodities, oil hovered around $87 a barrel ahead of the OPEC meeting this week.

Teleprinter Security Last Change Change %
USO US OIL FUND LP 62.32 +0.36 +0.58%

DRUG MANUFACTURERS RAISED PRICES BY 6.6% ON AVERAGE AT THE START OF THIS YEAR

Asian stocks followed Wall Street higher on Monday early in the week when markets in China, South Korea and Southeast Asia close for the Lunar New Year holiday.

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Major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down.

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The Associated Press contributed to this report.