By Yasin Ebrahim

Investing.com — The S&P 500 climbed Monday, as tech climbed and consumer stocks jumped on optimism about the China reopening.

They gained 0.8% and climbed 0.4% (or 124 points) respectively, while the added 1%.

As investors evaluated signs that China’s regulatory crackdown was easing, tech climbed as they weighed the ongoing Federal Reserve expectations of tightening monetary policy.

Alphabet (NASDAQ) and Amazon (NASDAQ), which were leading the charge, both up almost 3% each after Monday’s 20-for-1 split. Retail investors will find the stock less attractive due to this move.

Apple (NASDAQ:), meanwhile, was up about 1% after the tech giant announced a new iPhone software update and its latest chip, the M2.

Ahead of the event, investors were eagerly anticipating clues on the company’s AR/VR [augmented reality/virtual reality] technology, which “will be a key broadening out of the Apple ecosystem as the company aggressively goes after the metaverse opportunity with Apple Glass,” Wedbush said in a recent note.

Twitter (NYSE 🙂 meanwhile suffered losses after it confirmed that it was going to implement the $44 Billion take-private agreement with Elon Musk.

Musk filed a regulatory complaint threatening to withdraw from the agreement. He claimed that social media had materially violated the terms by not providing information on fake accounts.

China stocks were also in rally mode, led by DiDi Global (NYSE:), up more than 35% as reports that Chinese regulators are reportedly ending their probe into the ride-hailing company, fueled optimism that Beijing’s crackdown on tech is nearing an end.

The top performing sector was consumer stocks, while casino stocks performed the bulk of the work as investors digested the news of a loosening in Covid-19 lockdowns in China.

Caesars Entertainment, Penn National (NASDAQ) and Wynn Resorts(NASDAQ:) all gained over 2%.

As investors weighed the recent commitment by OPEC (and its allies) to boost output, energy stocks reacted well to a fall in oil prices.

In deal news, Spirit Airlines Inc surged by 6% following the sweetening of JetBlue Airways Corp’s takeover offer. Jetblue has increased the break-up fee (the amount Spirit is required to pay if the deal becomes blocked by regulators) to $350 million. That’s $3.20 for each Spirit share.