U.S. stocks jumped sharply on Monday in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism, while tech names rebounded from steep losses last week.

The S&P 500 gained 2.4% to 3,901.82 as all 11 sectors registered gains, posting its best day since June 5. 

Fewer than 40 stocks in the S&P 500 posted losses on Monday, the first trading session of March. At the Big Board, advancers outnumbered decliners by four-to-one. Energy and financials, which are popular cyclical plays, jumped more than 2.5% each amid optimism on vaccines. Meanwhile, high-growth tech shares outperformed as rates stabilized. Apple popped 5.4% and Tesla rose 6.4%.

The 10-year U.S. Treasury note yield dipped to a session low of 1.41% Monday before drifting back near the flatline. Yields appeared to be stable at these levels and the 10-year rate was off its high of 1.6% last week, which encouraged investors that the rapid rise in rates was at least slowing.

Plan A : Short if market failed to support above 3869. Targets are 3845, 3817 and 3790.

Plan B : Long if market supported firm above 3869. Targets are 3885, 3901 and 3918.

Futures contracts tied to the major U.S. stock indexes traded lower in extended trading Monday evening after the S&P 500 rallied more than 2% during regular trading hours for its best day since June.

The tech-heavy Nasdaq Composite, which shed 4.9% last week, also popped 3% to 13,588.83.

Economically sensitive, cyclical sectors like energy and financials continued to outperform the broader market amid optimism about vaccines and economic resurgence. Meanwhile, a pause in the market for U.S. debt allowed high-growth tech names to recoup a sizable portion of their recent losses.

Investors on Tuesday will pore over comments made by both Securities and Exchange Commission Chair nominee Gary Gensler and Federal Reserve Governor Lael Brainard.

Gensler will testify before the Senate Banking Committee at 10 a.m. ET while Brainard will deliver a speech entitled “U.S. Economic Outlook and Monetary Policy” via a virtual meeting hosted by the Council on Foreign Relations.

Plan A : Long if market supported firm above 13181. Targets are 13212, 13245 and 13280.

Plan B : Short if market failed to support above 13181. Targets are 13140, 13102 and 13065.

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