Stocks rose Monday following a mixed week on Wall Street amid a big rotation out of tech and into parts of the market trading at lower valuations. Traders also braced for a slew of U.S. economic data reports ahead this week.
Immunome up 15%; iRobot down 69%; Zillow down 9%
Those moves come after the S&P 500 and Nasdaq Composite fell last week, as Oracle and Broadcom led a rotation away from artificial intelligence. The S&P 500 lost 0.6% last week, while the Nasdaq shed 1.7%. The Dow, which is less exposed to tech and AI than the other two benchmarks, rose 1.1%.
Oracle plunged 12.7% for the week, while Broadcom shed more than 7%. The S&P 500 tech sector dropped 2.3%.
“The S&P 500′s Magnificent-7 might be less magnificent in 2026 as their fierce competition in the AI race starts to erode the monopolies they have enjoyed,” wrote Ed Yardeni, president of Yardeni Research. “The beneficiaries of that competition are likely to be the S&P 500′s Impressive 493.”
Economic data reports could set the tone for the market in the week ahead.
November nonfarm payrolls figures are set for release Tuesday, along with October retail sales figures. These reports were delayed due to the U.S. government shutdown that took place in the fall.
The November consumer price index is due out on Thursday.
