The Dow Jones Industrial Average gets outsize attention, presenting a distorted picture of what’s going on with stocks.

Shares of Chinese stocks such as Alibaba ( BABA 1.42%) and China-exposed stocks Estee Lauder ( EL 2.72%) and Nike ( NKE 0.64%) rallied on Monday, up 6.2%, 5.2%, and 2.9%, respectively, as of 2:20 p.m.

Nvidia shares gained Monday, leading other chip stocks higher in a boost to the tech sector as the major U.S. indexes looked to rebound from Friday's losses.