Stock Market Today: Technology Rises!

The Dow started the week on a positive note on Monday as rising technology and consumer stocks triggered an intraday rebound and offset a decline in energy shares amid fresh concerns over global growth.

The Dow Jones Industrial Average gained 0.6%, or 151 points, after falling nearly 180 points in intraday trading. The Nasdaq gained 0.7% and the S&P 500 added 0.4%. The market's growth sectors, including technology and consumer discretionary, rebounded from session lows, helping stocks break out of the day's lows. Retail and leisure shares led the rally in consumer stocks, shrugging off weaker-than-expected economic data from China and the US. Tesla Inc (NASDAQ:TSLA), Ulta Beauty Inc (NASDAQ:ULTA), Chipotle Mexican Grill Inc (NYSE:CMG) and Advance Auto Parts (NYSE:AAP). The August Empire State index, a measure of manufacturing activity in the New York region, unexpectedly fell to -31.3 from 11.1, confounding expectations for a reading of 5.0. But Pantheon Macroeconomists downplayed the data, reminding market participants that "the Empire State is a small regional survey and is not conclusive evidence of anything." The weaker-than-expected regional manufacturing report added to concerns about economic growth after a slew of data showed industrial production and retail sales slowed in China. Treasury yields continued to decline, pushing big tech companies into positive territory and extending their gains after last week's more than 2% gain. Snap (NYSE:SNAP), meanwhile, gained more than 5% after announcing that its subscription service Snapchat+ surpassed 1 million paid users. Energy, on the other hand, lost more than 1% as oil prices fell as investors assessed the impact of slowing global growth on energy demand. On the other hand, Walt Disney Company (NYSE:DIS) shares rose 2% after activist investor Daniel Loeb bought a new stake in the company and urged it to consider leaving sports network ESPN. Meanwhile, Walmart (NYSE:WMT) has reportedly reached an agreement with Paramount Global (NASDAQ:PARAA) to offer Paramount+ streaming service to subscribers of Walmart+, the retailer's paid subscription service that provides a range of benefits such as free deliveries and fuel discounts. In the coming days, investors' attention will shift to consumer strength and monetary policy with the release of July retail sales data and the Fed's July meeting minutes.