US stocks surge; Magnificent Seven and small caps post huge gains

The S&P 500 rallied 1.1% as the Magnificent Seven stormed back with a vengeance, with the Nasdaq 100 up 1.5%. Gains were widespread, with the Russell 2000 gaining 1.7.%.

Outside of Apple, which posted a small loss, the rest of the cohort rose at least 1%, punctuated with Nvidia’s 4.8% gain and Tesla’s 5.2% advance ahead of its earnings report tomorrow.

Tech, unsurprisingly, was the best S&P sector ETF, up 2.4% in its best day in more than two months. Consumer discretionary and industrials also rallied more than 1%, while energy was the lone sector to go negative on the day.

Selling pressure on CrowdStrike compounded with a 13.5% drop on the heels of Friday’s double-digit loss tied to their update snafu that caused issues across the internet and is still affecting US flights.

Verizon Communications was also slammed after posting lower than expected sales, down 6.1% for their worst day in a year.