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CNBC Evening Brief

Technology shares saved the day Monday as an afternoon rally turned around the three major stock averages to close higher.

The rebound in tech stocks came after the Nasdaq Composite fell into bear market territory — down more than 20% from intraday highs — last week.

"Sure enough, the Nasdaq has turned around. It seems like every time we try to push the Nasdaq into bear market territory … it's just too buoyant," said Jeff Kilburg, chief investment officer and portfolio manager of Sanctuary Wealth.

The bounce in tech names also came as interest rates fell, with traders eyeing rising Covid cases in China and the potential impact on global economic growth. Interest rates have climbed this year, which has affected the valuations of growth stocks.

Twitter shares finished about 5.7% higher Monday after the social media company announced it accepted billionaire Elon Musk’s buyout deal, which is valued at about $44 billion.

Tech companies will remain in focus in the coming days as Amazon, Apple, Alphabet, Meta Platforms and Microsoft all report quarterly earnings this week.

Hannah Miao | CNBC Associate Markets Reporter
@HannahMiao_