The Nasdaq index rises again early in Monday’s session as growth stocks try to recover from a sharp sell-off sparked by fears that Fed action will lead to a recession.

The S&P 500 also showed signs of stabilizing after briefly falling below its mid-June closing low of 3.666 on Friday, nearly wiping out the sharp rebound it had achieved over the summer.

The Fed’s announcement that high interest rates could hold out until late 2023 sent the three major U.S. stock indexes down 4-5% last week, with the Dow Jones index near bear market territory on Friday.

Growth was led by sectors that included securities of mega-capitalization companies, including technology S5INFT, communications services S5TELS, and consumer discretionary S5COND.

Shares of Apple Inc, Microsoft Corp, amazon.com Inc, and Tesla Inc, rose 0.9 percent to 2.0 percent, supporting the current Nasdaq index.

“We’re just seeing gains driven by a sense of relief after a very tough period for the Nasdaq and growth stocks,” said Jeffrey Schulze of ClearBridge Investments.

“Obviously, the last month has been very tough for growth stocks as investors re-evaluate higher Fed rates and, ultimately, the ultimate rate of this cycle of monetary policy tightening.”

Earlier we reported that Wall Street closed in the negative; the Dow confirmed a bear market.