Shares of technology companies rallied as traders jumped back into the "Magnificent Seven" mega-cap chip companies ahead of earnings.

Tesla shares soared after the electric-car maker reported a drop in first-quarter earnings that was not as severe as some investors had feared.

Meta Platforms, which reports earnings on Wednesday, rose by roughly 3%. Nvidia shares rose by more than 3%, continuing a rapid recovery from last week's losses.

Google parent Alphabet, which reports earnings Thursday, rose slightly.

Shares of Apple lagged amid concerns about iPhone sales in China.

Xerox Holdings shares slid after the workplace technology company's quarterly earnings trailed Wall Street estimates.

International Business Machines neared a buyout deal for cloud-software firm HashiCorp for about $4.9 billion.

Write to Rob Curran at

(END) Dow Jones Newswires

04-23-24 1738ET