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NASDAQ, S&P 500 CLIMB EARLY WITH CHIPS, TECH

The Nasdaq .IXIC and S&P 500 .SPX are higher in early trading on Monday after the long holiday weekend as chip and other technology stocks gain. The Dow .DJI is lower.

An index of semiconductors .SOX is up 4.8% after recent sharp losses, while technology .SPLRCT is up more than 2% and leading S&P 500 .SPX sector gainers.

Among chipmakers, Broadcom AVGO.O is up more than 5% after an agreement with Apple AAPL.O to expand their partnership through 2031 to develop and supply a range of custom chips. Apple shares are up 0.8%.

The Nasdaq 100 .NDX is up 1.5% early. SpaceX SPCX.O, which had a record market debut on June 12, is expected to join the Nasdaq 100 on Tuesday. SpaceX is up about 1%.

Investors are gearing up for second-quarter earnings season, which is set to begin later this month. They are optimistic after a strong first-quarter season.

Here is the early market snapshot:

(Caroline Valetkevitch)
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