US markets kicked off Monday's trade on a strong note, as Wall Street looked to recover from its worst weekly performance in nearly two years, with a drop in crude oil prices and dip-buyers stepping in to pick up beaten-down shares.
The Dow Jones Industrial Average jumped 844 points, or 1.65%. The S&P 500 rose 2%, while the Nasdaq Composite gained 3.4% at their respective intraday highs.
Last week, the S&P 500 posted its biggest weekly loss since April 2025, while $2.3 trillion was wiped off the value of the Nasdaq 100 on Thursday alone, amid concerns that the Democratic Party could crack down on the AI industry after its sweeping gains in Congress.
Japanese and Taiwanese equities both slipped into bear markets last week, while South Korea's two giant chipmakers, Samsung Electronics Co. and SK Hynix Inc., tumbled more than 16%. However, there was a silver lining for some of the out-of-favor markets.
Last week's sell-off prompted value buyers to step in and pick up beaten-down stocks, while an extended decline in crude oil prices further supported market sentiment.