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The Dow closed higher Monday, as weakness in banks was offset by renewed demand for tech amid a surge in Nvidia (NASDAQ:NVDA) ahead of a slew of incoming economic data set to provide further insight on the consumer.

The Dow Jones Industrial Average rose 0.1%, or 26 points, Nasdaq rose 1%, and the S&P 500 was 0.6% higher.

Nvidia leads dip-buying rally in tech

The recent dip in tech attracted dip buyers, particularly in semiconductor stocks, with Nvidia soaring more than 7% after Morgan Stanley said the recent dip in the chipmaker was a buying opportunity.

The vote of confidence from Morgan Stanley comes even as concerns linger about bloated inventory and waning demand for chips amid an economic stumble in China.

But rising demand for AI is likely to boost data center spending, Morgan Stanley adds, bolstering Nvidia’s growth.

Apple Inc (NASDAQ:AAPL), Meta Platforms Inc (NASDAQ:META), Alphabet Inc Class A (NASDAQ:GOOGL), and Microsoft Corporation (NASDAQ:MSFT), meanwhile, were also in demand following their recent weakness.

10-year Treasury yield gives up gains ahead of consumer data

The U.S. 10-year Treasury yield jumped to 4.204%, its highest level since Nov. 22, but those gains were short-lived as investors looked ahead to the latest consumer data due Tuesday.

Retail sales data for July is expected to show that the consumer remains resilient. Fresh signs of a strong U.S. consumer, which makes up about 70% of economic of growth, would further dent bets that the Federal Reserve is unlikely to resume rate hikes later this year.

US Steel soars of deal fever; PayPal names new CEO

United States Steel Corporation (NYSE:X) jumped more than 36% after the rejecting a more than $7 billion buyout from Cleveland-Cliffs Inc (NYSE:CLF). The steel maker detailed plans to review strategic options.

Esmark, meanwhile, made a $35 a share offer for US Steel.

PayPal Holdings (NASDAQ:PYPL), meanwhile, tapped Intuit’s Alex Chriss as its new chief executive to replace Dan Schulman.

“We believe this an important leadership change, fitting the company’s focus on repositioning both sides of its merchant and consumer facing platforms,” Wedbush said in a note.

Tesla leads weakness in EVs after price cuts

Tesla (NASDAQ:TSLA) said it would cut prices of its Model Y electric vehicles in China, raising fresh fears about pressure on margins. Its shares fell more than 1%.

The move raised fears of price war in the EV market, pressuring other EV makers including Rivian Automotive Inc (NASDAQ:RIVN) and Nikola (NASDAQ:NKLA).

Nikola, meanwhile, said it would temporarily pause sales of its EVs after several battery fires. The company recalled about 209 of its trucks following a probe that found a coolant battery leak was the likely cause of a fire its Phoenix headquarters in June.

Regional banks slide to pressure financials; Walmart slips ahead of earnings

Regional bank stocks including Citizens Financial Group Inc (NYSE:CFG), Fifth Third Bancorp (NASDAQ:FITB), and KeyCorp (NYSE:KEY) pressured the broader financials as Moody’s recent downgrade of several banks continued to weigh on sentiment.

Walmart Inc (NYSE:WMT), meanwhile, was also a drag on the broader market, ahead of the supermarket giant’s quarterly results later this week.

“For Q2, we expect Walmart to deliver another beat and guidance raise,” Oppenheimer said in a recent note, citing an improving business mix and continued traction with digital effort.

Stock market today: Dow ends higher as Nvidia leads tech rally on dip-buying fever