S&P 500 Ends Loosing Streak: Wall Street Recovers After Worst Week In This Fiscal Year

After suffering their worst week since April, U.S. stocks recovered some of the losses on Wall Street on Monday, closing mostly higher.

The S&P 500 ended a three-day losing run with a 1.1 per cent increase. The benchmark index saw its first increase since it reached an all-time high on last Tuesday.

Indices and top stocks

Although tech stocks made up the majority of the rally, the gains were widespread, with over 75 per cent of the S&P 500 stocks closing higher.

Supporting the market, Nvidia gained 4.8 per cent while other Big Tech stocks recovered some of their steep losses from the previous week. Tuesday is a big test for two of them; Tesla and Alphabet, who will report on their spring earnings. Google climbed 2.3 per cent, while Tesla shot up 5.1 per cent.

The Nasdaq composite increased 1.6 per cent and closed around 18,007 points, while the Dow Jones Industrial Average added 0.3 per cent and was up by 127 points, shuttering at 40,415 points

Crowdstrike Fiasco

A flawed software update caused havoc across the globe and resulted in numerous flights being grounded by nearly all airlines. Most of the flights that were canceled early on Monday were operated by Delta Air Lines. The stock of Delta fell 3.5 per cent.

The cybersecurity company CrowdStrike said that it had implemented a fix and that the problem that was thought to be causing the outage was not a security incident or cyberattack. According to the company, a malfunctioning update that was sent to Windows-powered PCs was the cause of the issue.

Following an 11.1 per cent decline on Friday, CrowdStrike's stock fell another 13.5 per cent on Monday.

This coming week, dozens of other major American corporations, such as Coca-Cola, Ford, and American Airlines, will also release their most recent quarterly results, in addition to Alphabet and Tesla.