Stocks rose Monday to kick off the final trading week of August, with Wall Street looking to regain ground amid a month of losses.
The Dow Jones Industrial Average gained 213.08 points, or 0.62%, to close at 34,559.98. The S&P 500 climbed 0.63% to 4,433.31, and the Nasdaq Composite advanced 0.84% to finish the session at 13,705.13. All three indexes have lost ground in August, with the S&P 500 shedding 3.4%. The Nasdaq and Dow have slipped about 4.5% and 2.8%, respectively.
Meta and Apple traded slightly higher, while Nvidia added 1.8%. Shares of electric vehicle giant Tesla inched up 0.1%.
Those moves come as tech tries to regain its footing late in August. The information technology sector of the S&P 500 is down 4.6% for the month.
Outside of tech, shares of 3M popped more than 5% a day after a Bloomberg News report, citing sources familiar, said that the company was ready to settle lawsuits alleging some earplugs were faulty.
Monday's rally was broad: Ten of the 11 sectors in the S&P 500 were positive. Utilities ticked lower by 0.04%.
"Today is much more of a cyclical lift versus tech, and I think that's just from stronger-than-expected growth outside of the U.S.," said Dylan Kremer, co-chief investment officer at Certuity. "The rally [in] tech this year has been driven by artificial intelligence but also the quality factors within tech companies. Where we are now, the growth slowdown may be pushed out, and you may see investors start to favor cyclicals over tech in the short-term."
Stocks are coming off a winning session following fresh remarks from Federal Reserve Chair Jerome Powell. On Friday, Powell pointed to some signs of continued economic growth and strong consumer spending, but indicated that the central bank would "proceed carefully" with additional hikes.
As of Monday morning, traders were pricing a more than 20% chance that the Fed will raise rates again at its upcoming September meeting, according to CME Group's FedWatch tool. Investors are also eyeing the Fed's preferred inflation gauge, the personal consumption expenditures index, due out on Thursday, followed by fresh non-farm payroll data Friday morning.