NEW YORK (AP) — U.S. stocks are rising Monday and recovering some of their losses from a rare losing week, led by Big Tech.

The S&P 500 climbed 0.8% and was on track to break a five-day losing streak. It’s coming off just its second losing week in the last 13. The Dow Jones Industrial Average was up 294 points, or 0.6%, as of 9:35 a.m. Eastern time, and the Nasdaq composite was 1.3% higher.

Several stocks in the artificial-intelligence industry helped lead the way after Samsung Electronics and SK Hynix said they will invest roughly $518 billion in a new chipmaking hub in South Korea, as its president hopes to capitalize on surging AI demand. Nvidia rose 1.2%, Broadcom gained 2.7% and Applied Materials rallied 3.9%.

AI stocks have been on a roller coaster recently after soaring to tremendous heights in the frenzy around AI technology. They’re under pressure because of worries that their profits can’t possibly keep pace with the huge gains for their stock prices. And the drops have an outsized effect on investors because AI stocks have become Wall Street’s largest and most influential, giving them more weight on indexes than others.

SpaceX, the owner of the xAI business along with rockets, has already become worth more than $2 trillion after selling its stock for the first time on the Nasdaq earlier this month, even with sharp rises and falls along the way. It’s become big enough that Nasdaq said Elon Musk’s company will join the Nasdaq 100 index before trading begins on July 7, which will force funds tracking the index to buy the stock.

SpaceX rose 4%.

Outside of AI, Comcast jumped 9.8% after saying it will split off its NBCUniversal media business, including its theme parks, and Sky from its broadband and wireless business. It came into the day with a loss of 17.3% for the year so far.

The gains for the stock market came even though oil prices rose. The price for a barrel of Brent crude, the international standard, climbed 1.1% to $73.43, pulling slightly above where it was before the war with Iran began. A barrel of benchmark U.S. crude rose 1.3% to $70.15.

Following attacks across the Persian Gulf over the weekend, President Donald Trump said Monday on social media that Iran had requested a meeting with U.S. counterparts, though one of Iran’s top negotiators said no further talks had been scheduled.

The hope is that an end to the war with Iran will give oil tankers free access again to the Strait of Hormuz, allowing them to exit the Persian Gulf and deliver crude to customers worldwide. That would help lower the price of oil, whose jumps because of the war have sent a punishing wave of inflation around the world.

If oil prices do recede and stay low enough, it could keep enough pressure off inflation to allow the Federal Reserve and other central banks to keep interest rates steady or even cut them instead of hiking them. Higher interest rates can keep a lid on inflation, but they also slow the economy and hurt prices for all kinds of investments. High yields worldwide have been rattling investors since oil prices burst above $100 per barrel.

The yield on the 10-year Treasury edged down to 4.37% from 4.38% late Friday and from 4.56% early this month.

In stock markets abroad, indexes were mixed across Europe and Asia.

Stocks jumped 1.6% in Hong Kong and 1.2% in Shanghai for two of the world’s biggest gains, while South Korea’s Kospi slipped 0.2%.

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AP Business Writers Chan Ho-him and Matt Ott contributed to this report.