MEGACAPS' RALLY LIFTS TECH-HEAVY NASDAQ

Wall Street's main indexes rose on Monday, with a rally in megacap growth stocks such as Alphabet and Tesla supporting a sharp recovery in the tech-laden Nasdaq ahead of the U.S. Federal Reserve's meeting this week. The communication services sector jumped 3.6%, leading gains among the 11 major S&P 500 sectors.

Tesla rose 6.7% after the electric carmaker said it would increase the price of its Model Y EVs in some European countries on March 22, by approximately 2,000 euros ($2,177) or its equivalent in local currencies. Focus will also be on AI-darling Nvidia, which kicks off its annual developer conference, with investors focused on new chip announcements from Chief Executive Jensen Huang in an afternoon keynote address. The chipmaker climbed 1.2%.

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