NEW YORK - US stocks surged on Monday, rebounding from Friday's steep losses.

The Dow Jones Industrial Average jumped 587.98 points, or 1.29 percent, to 46,067.58. The S&P 500 climbed 102.21 points, or 1.56 percent, to 6,654.72, while the Nasdaq Composite Index advanced 490.18 points, or 2.21 percent, to 22,694.61.

Nine of the 11 primary S&P 500 sectors ended in green, with technology and consumer discretionary leading the gainers by going up 2.47 percent and 2.29 percent, respectively. Meanwhile, consumer staples and health led the laggards by dropping 0.36 percent and 0.09 percent, respectively.

In corporate news, Oracle rallied 5.14 percent, while chipmakers AMD and Nvidia gained nearly 1 percent and 3 percent, respectively. Broadcom surged 9.88 percent after announcing a formal partnership with OpenAI on Monday morning.

Despite Monday's gains, investors remain cautious as the federal government shutdown enters another week, with a key federal payroll deadline approaching on Oct 15.

Earnings season is also set to begin this week, with major U.S. banks, including Citigroup, Wells Fargo, JPMorgan Chase, Bank of America and Morgan Stanley, scheduled to report results.