05:25 PM EDT Major stock indexes finished sharply higher Monday as technology stocks recovered from last week's selloff, while investors digested major political developments in the U.S. and prepared for a slew of earnings reports and economic data releases in the coming days. The Nasdaq Composite and S&P 500 gained 1.6% and 1.1%, respectively, as the major indexes recovered from steep losses last week that were spurred by declines for large-cap tech stocks. The Dow Jones Industrial Average added 0.3% Monday. Artificial intelligence investor favorite Nvidia (NVDA) finished 4.8% higher after falling nearly 9% last week. Tesla (TSLA) jumped 5.1% ahead of its earnings report Tuesday, while Google-parent Alphabet (GOOGL) also gained ground one day before its quarterly results. Meta Platforms (META) and Microsoft (MSFT) also rose on Monday, as did shares of several chipmakers that had been hit hard last week by concerns about potential trade restrictions and geopolitical tension. Among the big decliners Monday, Verizon (VZ) shares fell 6.1% after a disappointing earnings report, leading Dow decliners. CrowdStrike (CRWD) dropped 13.5%, extending declines from Friday after the cybersecurity firm's software caused an outage in Microsoft’s cloud services and disrupted businesses worldwide. Market participants are keeping a close eye on developments in the U.S. presidential campaign after Joe Biden announced Sunday he would no longer seek re-election and threw his support behind Vice President Kamala Harris to become the Democratic nominee. The news ended several weeks of speculation that Biden could leave the race, and attention now turns to who the nominee will be, what it means for the election and what the economic policy implications could be. The calendar for corporate earnings was light on Monday but picks up significantly in the coming days. Later in the week attention will also turn to economic data that will factor into the Federal Reserve's thinking on when to start cutting its benchmark lending rate. The first reading on quarterly economic growth, as well as the Fed's preferred measure of inflation, are slated for release this week. The yield on 10-year Treasurys, which had steadily declined the first half of July amid the rate-cut hopes, moved up to 4.26% on Monday, its highest level since July 10. Top S&P 500 Movers on Monday 2 hr 33 min ago Advancers Tech stocks rebounded from last week’s selloff, with chipmakers leading the gainers. ON Semiconductor (ON), Lam Research (LRCX) and Applied Materials (AMAT) were each higher by more than 6%, while NXP Semiconductors (NXPI) gained 5.4%.