It’s a rebound session so far, with all major indices higher and the Nasdaq out in front as technology bounces back from last week’s selling and ahead of a busy week of earnings. Notably the move comes despite yields inching higher.

Under the hood, only four of eleven sectors are in the green. Consumer Discretionary (XLY) is in the lead, driven by Amazon (AMZN) on renewed optimism around Amazon Web Services (AWS) and its role in AI, and Tesla (TSLA) ahead of its earnings report Wednesday. Technology (XLK) is the runner-up as chip names such as Micron Technology (MU), Intel (INTC), Advanced Micro Devices (AMD), and Lam Research (LRCX) bounce back from last week’s selloff over AI financing worries. Utilities (XLU) are the biggest laggard, followed by Real Estate (XLRE), as higher Treasury yields weigh on rate-sensitive names. Energy (XLE) is giving back some of its October leadership as oil dips, and Consumer Staples (XLP) is another underperformer as investors rotate out of the defensive areas.

A Busy Earnings Week

It’s a busy week of earnings ahead, with SpaceX (SPCX) and Netflix (NFLX) kicking things off after the close Tuesday. The Street will then turn to Magnificent Seven names Tesla (TSLA) and Meta Platforms (META) after the close Wednesday. Investors are looking for signs that profit growth can reignite the AI trade.

Tech Share Donations

Anthropic plans to commit 5% of its shares to a new public benefit fund, pending stockholder approval, with an additional 2% that can be added for every 50% increase in the company’s value above a set baseline. The fund could back nonprofits, make direct distributions, and address AI’s impact on the labor market. Together with earlier founder and employee pledges, roughly 20% of the company’s shares would be dedicated to the public good.

A day later, Elon Musk pledged to give one of his SpaceX (SPCX) shares to every kid in America next year, calling it the first of many, after suggesting Anthropic should give its shares directly to the public. With just over 72 million Americans under 18, the gift would be worth roughly $10.5 billion based on Friday’s close.

Economic Data

The NAHB Housing Market Index fell, for a second straight month, to 29 in October from 32 in September, missing estimates of 32 and hitting its lowest level since June 2012. Current sales conditions slipped to 33 while sales expectations for the next six months dropped to 32. In addition, 43% of builders cut prices, the highest share since at least 2020.