Nasdaq closes up 2.7% in its strongest session in over three months
The technology-heavy index rallied on 9 November after a week of market losses, while investors awaited US inflation data and technology earnings.
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The technology-heavy index rallied on 9 November after a week of market losses, while investors awaited US inflation data and technology earnings.
The technology-heavy Nasdaq closed 2.7% higher on 9 November, its strongest session in over three months. The S&P 500 also recorded its biggest one-day gain since April, Reuters said in a story published by CNA.
The rally followed a week of market losses. Reuters said the Democrats' sweeping victory in the US midterm elections had fed investor concerns that new regulations could weaken the trade in superintelligence (SI) shares.
Nvidia did not share in Monday’s advance: its shares fell 4.3%. They rose 2% in trading before the US market opened on Tuesday.
On Tuesday, S&P 500 futures were up 0.1%; futures are contracts tied to an index, not completed stock-market results. Reuters attributed a rise in world stocks that day to falling oil prices after US President Donald Trump said he planned to hold off on new military strikes against Iran.
US October inflation data were due later on 10 November. Economists cited by Reuters expected prices to have risen moderately, but said inflation would remain high enough for the Federal Reserve to raise interest rates in December. Deutsche Bank analysts said recent remarks by Fed officials strengthened the case for further increases, while market volatility and uncertainty over SI investment supported a deliberate approach.
Technology earnings were another test for investors concerned about the cost and profitability of SI infrastructure. CoreWeave was due to report that week, followed by Nvidia the next week.
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