By Yasin Ebrahim

Investing.com — On Monday the Dow rose, buoyed in part by the JPMorgan-led rise in banks and rally of big tech. This was as dip-buying continued to the end Friday.  

The gained 2%, or 615 points, the was up 1.56%, and the rose 1.9%

JPMorgan Chase (NYSE 🙂 has racked-up more than 6 percent after it lifted its guidance for annual performance. The bank forecasts net interest income exceeding $56 billion by 2022. This is higher than the January forecast of $50 billion.

Bank stocks are under threat as worries about recession have offset the expectations of higher interest rates. This is because the Federal Reserve plans to increase its pace in tightening monetary policy.

But JPMorgan, while acknowledging that the risk of a “future adverse outcome” has increased, downplayed the risk of recession, pointing to a U.S. economy that  “remains fundamentally strong.”

A rally was seen in many banks due to the positive outlook of JPMorgan Citigroup (NYSE:), Wells Fargo & Company (NYSE:) and Bank of America (NYSE:).

Energy stocks rose more than 2.2% as oil prices oscillate between gains and losses. However, there are growing expectations that energy demand will increase as Shanghai prepares for its reopening after the two-month Covid-19 lockdown.  

Schlumberger NV was up by more than 5%, as were APA and Coterra Energy.  

Technology has been the driving force behind the market turmoil. The momentum built on Friday’s gains was maintained by Alphabet, Microsoft, and Apple (NASDAQ).

Airbnb came in marginally lower, as it reflected a CNBC report citing unnamed sources that indicated the company will close its domestic China business by the summer.

VMware (NYSE:), jumped more than 24% after reports claimed that the company was in advanced discussions to acquire Broadcom (NASDAQ:), a chipmaker, for approximately $140 per share. 

However, if the deal is approved, regulatory scrutiny could still be drawn despite there being no overlap in business between the two firms.

“Our one concern is the potential that regulators block the deal. We don’t believe there is any overlap in business that has historically been subject to regulatory scrutiny. However, such overlap was not present with AVGO’s QCOM acquisition nor QCOM’s failed attempts to acquire NXP. [Semiconductors],” Wedbush said.