The S&P 500 and Nasdaq Composite rallied, driven by AI companies and chip stocks, including a 4% surge in the iShares MSCI South Korea ETF (EWY) which holds SK Hynix and Samsung Electronics. This follows last week's declines of nearly 2% and 4.5% respectively. Major tech earnings, including Meta Platforms and Tesla, are expected to determine the sustainability of the rally and address concerns about the AI trade.