The S&P 500 Index ($SPX) (SPY) on Monday rose by +1.08%, the Dow Jones Industrials Index ($DOWI) (DIA) rose by +0.32%, and the Nasdaq 100 Index ($IUXX) (QQQ) rose by +1.54%. US stocks rallied Monday as companies recovered from last Friday’s major IT outage and as China unexpectedly cut rates by -10 bp. Also, chip stocks led the stock market higher. However, US political uncertainty rose after President Biden on Sunday dropped out of the presidential race and endorsed Vice President Harris. Stocks were also undercut by a +1.6 bp rise in the 10-year T-note yield. Global stocks received a boost a…