From Kiplinger · · 1m 40s
Nasdaq Bounces as Chips Lead AI Revival
AI chipmakers surge as Nasdaq rises on AI market revival.
In brief
AI chipmakers surge as Nasdaq rises on AI market revival. Nvidia and semiconductor stocks led Nasdaq up 0.8% as AI demand grows. Originally reported by Kiplinger.
Market Moves
The main equity indexes were mixed on the first Tuesday of November, though names related to the artificial intelligence trade lifted the Nasdaq Composite and the S&P 500 into the green.
Nasdaq Rises
By the closing bell, the tech-heavy Nasdaq Composite had risen 0.8% to 25,372, and the broad-based S&P 500 was up 0.4% at 7,568.
Dow Falls
But the blue-chip Dow Jones Industrial Average had slipped 0.4% to 51,786.
Oil and Bonds
The front-month West Texas Intermediate crude oil futures contract was up 0.1% to $96.56 per barrel, amid continuing diplomatic efforts to end the war in the Middle East.
Treasury Yields
Treasury yields were higher across the maturity spectrum, including the 2-year (+0.4 basis points, 4.623%), the 10-year (+6.4 bps, 4.958%) and the 30-year (+6.2 bps, 5.331%).
Nvidia Surges
Nvidia (NVDA, +2.3%) was among the top two Dow Jones stocks as investors saw value amid an AI boom, as opposed to traps in an AI bust, particularly with regard to chipmakers.
Semiconductor ETF
The VanEck Semiconductor ETF (SMH, +2.0%) ended a three-session losing streak.
Microsoft and Sherwin-Williams
Fellow Magnificent 7 stock Microsoft (MSFT, +2.7%) set the pace for Papa Dow, while Sherwin-Williams (SHW, -3.3%) was the 30-stock index's biggest loser a day after the materials stock was its biggest winner.
Apple and Palantir
Nvidia surged ahead of Apple (AAPL, -1.9%) in the global market cap leadership standings after the iPhone maker slid on concerns about slowing growth and shrinking margins in its core services business.
The bottom line
Nvidia and semiconductor stocks led Nasdaq up 0.8% as AI demand grows.
