Nasdaq up nearly 3% as Wall Street rebounds after AI rout, but Nvidia excluded
Summary
Wall Street experienced a recovery following a recent artificial intelligence sector decline. The Nasdaq index climbed by almost three percent during this market rebound. However, Nvidia was left out of the overall upward movement.
Our Take
This is a two-speed rebound. The Nasdaq-100 (QQQ) is up about 3% to roughly $676, the semiconductor ETF SOXX is up nearly 7%, and AMD is jumping about 11% toward $500 — yet Nvidia is down about 5.5% at ~$176 and touched $170 intraday. The market is buying the AI trade again after last week's rout, but it is pricing a company-specific risk on Nvidia: the board's independent review of CEO Jensen Huang and the possibility of congressional inquiries. Money is rotating from NVDA into AMD and the rest of the chip complex rather than leaving AI altogether.
For QQQ, the key test is the $683 area — Thursday's open and the top of the gap left by the selloff. A close above it would signal the rout is being fully reclaimed; next resistance is ~$692. Support sits at $662–$664 (today's open and Friday's high), then Friday's close at $656.
For NVDA, $170 is the line to watch; a break opens the 52-week low near $164. And remember the Fed: last week's hot jobs report keeps a December hike on the table, which can cap any tech rally.
Opinion of Tech & Money Press. Not financial advice.
Source: Read the full story at Stock Market News