From Nasdaq:

The tech-laden Nasdaq jumped more than 1% to a near one-week high, boosted by a rebound in megacaps and chip stocks, while Boeing shares tanked following the grounding of some its jets.

Megacaps like Amazon and Alphabet gained over 1%, while Apple climbed 1.4% after announcing the Vision Pro mixed-reality device’s availability for sale from Feb. 2 in the United States.

Chipmakers Nvidia and Advanced Micro Devices jumped more than 4% each. The Philadelphia SE Semiconductor Index rebounded with a 2.6% advance from its worst week since Oct. 2022.

Meanwhile, Boeing slid 6.6% after the U.S. Federal Aviation Administration ordered the temporary grounding of some 737 MAX 9 jets. The aircraft manufacturer could lose about $10 billion in value if losses hold through market close.

Energy stocks led declines among the 11 S&P 500 sectors, dropping by 2.1% to a three-week low as crude prices sank over 4% after sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output.

At 11:47 a.m. ET, the S&P 500 was up 0.56%, the Nasdaq Composite was up 1.18%, and the Dow Jones Industrial Average was down 0.16%. On Friday, the benchmark S&P 500 marked its worst week since late October, after mixed economic data turned investors cautious.



Read more: Boeing drags Dow to two-week low, megacaps boost Nasdaq