AI Titans Lead Tech Stocks Recovery Amidst Market Instability
The tech-centric Nasdaq saw a 0.13% increase, closing at 22,900.59 on Friday, thereby breaking a three-day losing streak. This recovery was spurred by investors who purchased shares of pivotal technology stocks following Thursday’s market turmoil.
Forefront artificial intelligence companies such as Nvidia and Oracle, along with Palantir Technologies and Tesla, all managed to reverse their losses from the previous session. This resurgence occurred after tech stocks led Wall Street into its most dismal day in over a month on Thursday. The Nasdaq plunged more than 2% as technology giants were buffeted by market volatility.
The rebound was in response to concerns about inflated AI valuations and uncertainty surrounding Federal Reserve interest rate cuts. Despite this recovery, the technology sector is still down by more than 3% for November. This could potentially mark the end of a six-month winning streak as investors reassess their risk appetite as the year draws to a close.
Source: CNBC