S&P 500: Tech rally offsets post‑CPI selloff – Deutsche Bank
Deutsche Bank’s Early Morning Reid highlights a sharp rebound in US equities, led by AI‑linked and semiconductor names after CoreWeave’s strong earnings. The Philly Semiconductor Index and Nasdaq surged, lifting the S&P 500 back above pre‑midterm levels.
Deutsche Bank's Early Morning Reid reported a sharp rebound in US equities, driven by AI-linked and semiconductor companies after CoreWeave's impressive earnings. The Philly Semiconductor Index and Nasdaq surged, lifting the S&P 500 back above pre-midterm levels. However, the positive momentum for tech stocks was short-lived as after-hours news about Nvidia's CEO led to a 8.6% drop in its stock.
This caused Nasdaq and S&P futures to dip again. The whipsawing post-midterm market continued, with the Philly semiconductor index (+5.66%) and the S&P 500 (+1.31%) rebounding to levels before the midterm elections. Elsewhere, the STOXX 600 (+0.72%) and the DAX (+1.20%) in Europe also hit fresh records. Despite the recent tech volatility, Nvidia's board reportedly plans to oust CEO Jensen Huang after a series of recent controversies, causing its stock to fall an additional 8.6% in after-hours trading.
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