Stocks rose as a rally in technology shares tempered concern over tighter restrictions to combat the coronavirus amid cloudy prospects for economic stimulus. Treasuries and the dollar fluctuated.

The S&P 500 rebounded after a four-day slide that drove the gauge to its lowest level since July. Giants Apple Inc. and Amazon.com Inc. paced gains in the Nasdaq 100. Tesla Inc. slumped after Chief Executive Officer Elon Musk cautioned that any new technology unveiled at the “Battery Day” event on Tuesday may not reach serious, high-volume production until 2022.

Earlier Tuesday, equity futures briefly turned lower after Boris Johnson tightened the U.K.’s coronavirus restrictions and warned the new rules are likely to be in place for six months, as the government tries to stamp out a resurgence of the disease. In the U.S., House Democrats are moving ahead with a vote on a stopgap measure to fund the government past Sept. 30, even after Senate Republicans criticized the measure for withholding farm aid. Meanwhile, Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin will testify on the economic recovery before the House Financial Services Committee.

The S&P 500 is still heading toward its first monthly slide since March as Congress hasn’t agreed on another fiscal stimulus package while an increase in Covid-19 case counts around the globe raised the specter of more lockdowns. This month’s rout put the benchmark gauge close to the threshold that many investors consider to be a market correction.

While the market has stabilized, “it remains to be seen whether this is just a pause before more selling resumes, or whether the bulls have once again shrugged off virus concerns and bought this latest dip in risky assets,” said Fawad Razaqzada, an analyst at ThinkMarkets.

Financial and energy stocks, once dominant within the S&P 500, are taking even more of a back seat to technology shares than they did as a bull market ended 20 years ago.

The two industry groups together have trailed the weight of the S&P 500 Technology Index by as much as 17 percentage points this month, according to data compiled by Bloomberg. That’s less than a point away from a low in March 2000 — a figure that isn’t adjusted for a September 2018 index shift, which lifted the ratio by 5.1 points in just one day. Bespoke Investment Group LLC highlighted the comparison in a blog post Monday.

These are some events to watch this week:

• Powell appears before the House Select Subcommittee on the coronavirus to discuss the central bank’s response on Wednesday.
• New Zealand rate decision on Wednesday.
• U.S. initial jobless claims are due Thursday.

Here are some of the main moves in markets:

Stocks

• The S&P 500 advanced 0.5% as of 9:30 a.m. New York time.
• The Stoxx Europe 600 Index advanced 0.6%.
• The MSCI Asia Pacific Index dipped 0.6%.

Currencies

• The Bloomberg Dollar Spot Index was little changed.
• The euro dipped 0.1 per cent to US$1.1755.
• The Japanese yen strengthened 0.1 per cent to 104.58 per dollar.

Bonds

• The yield on 10-year Treasuries advanced one basis point to 0.67 per cent.
• Germany’s 10-year yield gained three basis points to -0.51 per cent..
• Britain’s 10-year yield climbed three basis points to 0.19 per cent..

Commodities

• West Texas Intermediate crude gained 1.2 per cent. to US$39.80 a barrel.
• Gold strengthened 0.2 per cent. to US$1,915.41 an ounce.
• Silver depreciated 0.9 per cent to $24.48 per ounce.

–With assistance from Joanna Ossinger, Andreea Papuc, Todd White, Yakob Peterseil, Lynn Thomasson and David Wilson.