US tech stocks ripped higher on Monday as investors assessed the political landscape following President Joe Biden's exit from the presidential race. The S&P 500 gained more than 1% while the tech-heavy Nasdaq Composite rose roughly 1.6%, both coming off their worst weekly losses since April. The Dow Jones Industrial Average increased 0.3%. Chip heavyweight Nvidia led a broad-based tech rebound following heavy losses last week as investors rotated out of big cap names.
Still, the political shock could inject more volatility into an already battered stock market, distracting focus from this week's flood of earnings and key inflation release. That could prompt a light unwinding of recent "Trump trade" bets on assets seen as benefiting from a second Trump presidency, such as bitcoin, bank stocks, and higher US bond yields. The yield on the benchmark 10-year Treasury slipped on Monday.
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