Tech stocks had a nice oversold bounce on Monday. Earnings this week will determine if it's for real

This week's major earnings hold the key to whether this technology comeback has legs, investors said. The S&P 500 and Nasdaq Composite rallied Monday, largely due to a rebound in artificial intelligence companies. Chip stocks surged, with the iShares Semiconductor ETF ( SOXX ) on pace to snap a nine-day slump. The Magnificent Seven outperformed, as did memory chip makers. The iShares MSCI South Korea ETF ( EWY ), dominated by SK Hynix and Samsung Electronics, surged 4% after also suffering steep declines over the past week. That comes after the S&P 500 fell nearly 2% last week, its worst weekly decline since late June. The Nasdaq Composite dropped 4.5% over the same five-day span.