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Palantir (NASDAQ:PLTR) and Advanced Micro Devices (NASDAQ:AMD) opened Monday market action with a 4% and 8% jump, respectively, as the rest of the tech sector, along with the major market indices, quickly erased Friday’s losses.
The iShares Expanded Tech-Software Sector ETF (BATS:IGV) was up 1%, while the Philadelphia Semiconductor Index (SOX) climbed an impressive 2.8%.
Most software stocks demonstrated positive action early Monday. Microsoft (MSFT) had increased 1.1%, monday.com (NASDAQ:MNDY) jumped 3.5%, Salesforce (CRM) edged 1.6% higher, Autodesk (ADSK) was up 1.6% and Atlassian (TEAM) increased 2.5%.
Cloud providers such as Amazon (AMZN) and Google (GOOG)(GOOGL) were up 1.1% and 0.7%, respectively. CoreWeave (NASDAQ:CRWV) popped 3.8%. However, Oracle (ORCL) had slipped 1.3%.
Among semiconductors, AMD led the charge, surging 8% during early market action. Last Thursday, AMD presented a bullish case related to its opportunity in the surging artificial intelligence inferencing market.
Taiwan Semiconductor Manufacturing (NYSE:TSM) had gained 3%, Nvidia (NVDA) ticked up 1.8%, Micron Technology (NASDAQ:MU) increased 3.8%, Broadcom (AVGO) inched up 0.9%, while Qualcomm (QCOM) and Texas Instruments (TXN) both climbed 2%. Monolithic Power Systems (NASDAQ:MPWR) had jumped 5.5%.
Wall Street opened in the green on Monday as market participants seemed to shrug off worries emerging from the ongoing Israel-Iran conflict. Furthermore, markets have pushed up as Iran seeks dialogue with both the U.S. and Israel through Arab mediators to de-escalate tensions. Wall Street’s major averages, along with most of the tech sector, outside Palantir, declined on Friday after Israel and Iran traded missile strikes.
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