Big tech stocks jumped on Monday. Micron up over 6%; Palantir up 5%; AMD, SMCI up over 4%; Nvidia up over 3%; Broadcom, Oracle, Alphabet up over 2%.

Stocks climbed as hopes for a deal to end the longest US government shutdown lifted sentiment after a volatile week in which investors grappled with concerns over lofty AI valuations.

The US Senate took a major step toward reopening the government after a group of moderate Democrats broke with their party leaders and voted to support a deal to end the record-breaking shutdown.

Ending the shutdown would give investors greater clarity on key economic data such as jobs and inflation, helping to lift the fog around the Federal Reserve’s path on interest rates. While hopes for a deal may offer some relief, markets remain concerned after last week’s sharp selloff in technology shares reignited worries about stretched valuations.