Markets climb ahead of the close, semiconductor stocks rebound in first October session

Yahoo Finance Live's Seana Smith examines market and sector gains in the first trading session of October, while also looking at the semiconductor, travel, and retail industries.

Video Transcript

SEANA SMITH: First trading day of the month of October, first trading day of the fourth quarter, and we are looking at a massive rally here, off the lows that we hit on Friday. Dow now up almost 900 points, well above 29,000. The NASDAQ moving to the upside, up nearly 3%. The S&P closing in on 3,700. You can see up just around 3% today.

The rally in equities coming as we've seen the bond market roll over just a bit. Yields pulling back the 10-year, which topped 4% last week, now lower by 15 basis points today at 365. Taking a look at the 30-year yield, also moving to the downside at 371.

Let's take a look at some of the sector action here because broad gains across the board. All 11 of the S&P sectors moving to the upside. Energy, materials, industrials among the best performers here. We also have technology, utilities all up well over 3%. Consumer discretionary, consumer staples still holding on to those gains.

I want to pull up some of these sector specific stories. First, let's take a look at the chip stocks. We know chips had-- are largely oversold, you can say, clearly year to date. We're seeing some buying action in some of the biggest names within that industry. Qualcomm, Intel, AMD here leading the gains, Intel up almost 5 and 1/2%.

Taking a look at some of the travel names also moving to the upside, you have the airlines, hotels, Airbnb, Booking even holding onto gains today. Looking at some of the other industries here, just pulling up some of the best performers, retail also in the green. Amazon, Walmart, Costco, Nike all moving to the upside today, as we see consumer discretionary also recouping some of those earlier losses that had seen over the last several weeks. Rachelle.