Tech Attempts Comeback; Elastic, Analog Devices, Victoria’s Secret In Focus

Tech stocks show signs of recovery as major indexes experience modest gains. The NASDAQ composite rises by 0.8%, while the Dow and S&P 500 increase by 0.3% and 0.7%, respectively. Analysts note that the tech sector is attempting a comeback, although concerns linger as the indexes remain below key moving averages. The Russell 2000 also sees a slight uptick, but faces resistance at the 200-day line.

Among individual stocks, Elastic emerges as a highlight, breaking out above the $100 mark with a 3.8% gain. The software sector, particularly cybersecurity stocks, shows strength, with notable performances from IGV and Bug. Analog Devices also catches attention, rising 4.3% after clearing a trend line, indicating potential for further growth. Retail stocks, including Victoria's Secret, demonstrate positive momentum with a breakout above a key resistance level.

Market analysts emphasize the importance of monitoring earnings reports and the Federal Reserve's upcoming decisions, as these factors could significantly influence stock performance. The overall sentiment remains cautious, with a focus on building watch lists and waiting for clearer signals before making investment decisions.

Alissa Coram and Justin Nielsen walk through Monday’s market action with a discussion of key stocks to watch in Stock Market Today.