US tech stocks recorded their biggest daily gain in six months on Monday, as mounting expectations of a Federal Reserve interest rate cut next month encouraged investors to “buy the dip” after a recent sell-off.
The tech-heavy Nasdaq Composite index rose 2.7 per cent for its best sessions since May. The benchmark S&P 500 index added 1.6 per cent.
Chipmaker Broadcom added 11.1 per cent and Alphabet rose 6.3 per cent to a fresh record high after its new image-generation model received positive reviews. Elon Musk’s Tesla rose 6.8 per cent.
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