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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. However, after‑hours news about Nvidia’s CEO saw its stock drop 8.6%, pulling Nasdaq and S&P futures lower again.
AI and chips drive volatile gains
"The crazy whipsawing post midterms continued yesterday as after the post-CPI selloff on Tuesday, markets bounced back again over the last 24 hours, as the positive momentum from CoreWeave’s (+24.71%) earnings drove a sharp rally in tech stocks."
"So the Philly semiconductor index (+5.66%) helped drive the S&P 500 (+1.31%) back above its levels before the midterm elections. Who said markets didn't always go up after midterms! And over in Europe, both the STOXX 600 (+0.72%) and the DAX (+1.20%) moved up to fresh records."
"However, the current volatility in the tech trade continues this morning as the WSJ reported after the US closing bell that the Nvidia board are planning to oust CEO Jensen Huang after the last few days of stories around him have surfaced. Their stock fell -8.6% in after-hours trading, which has pushed Nasdaq (-1.09%) and S&P (-0.45%) lower. So a big deal for one of the largest companies in the world."
"Those upbeat earnings from CoreWeave were a boon for tech and chip stocks, with the Philly Semiconductor Stock Exchange up +5.66%, while the Nasdaq Composite (+1.6%) also climbed."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
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