DJI: Dow Jones Stages 360-Point Rebound as Traders Shake Off Growth Concerns

Dow’s peers were a mixed bag with the S&P 500 erasing a 1% loss to emerge above the flatline. Nasdaq fell as key tech stocks were under pressure.

🦁 Dow Stages Roaring Comeback

• The Dow Jones Industrial Average DJI erased a more than 100-point loss to turn up by roughly 360 points on Monday. Outshining the broader market, the 30-stock blue-chip index was the meeting spot for investors who wanted to get into some non-tech action ahead of the rollout of the earnings season.
• Wall Street titan JPMorgan JPM added 1.8% as the bank is preparing to offload its financial update on Wednesday.

🤖 Nvidia Lashes Out on Joe Biden

• It was a bad day to be a tech stock. The technology-focused Nasdaq Composite slipped 0.4%, dragged lower by chip companies. The S&P 500 erased a 1% loss to pop right above the flatline. AI play Nvidia NVDA tumbled almost 2% after the Biden administration released a last-minute updated export rule, limiting the flow of AI chips to “adversaries” such as China.
• In response, Nvidia posted a blog saying Biden’s rules “would do nothing to enhance US security” and “only weaken America’s global competitiveness.”

🌀 Inflation Data to Stir Things Up

• Besides the earnings season cranking up, a batch of inflation data promises to keep Wall Street on its toes this week. Slated for today, wholesale inflation will show whether producers and manufacturers raised prices in December. That’s the PPI report, short for Producer Price Index.
• On Wednesday, headline inflation is on deck — the CPI figure (Consumer Price Index) is expected to show a reading of 2.9% for last month, higher than the 2.7% logged in November.