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Nasdaq rallies as chip stocks recover from brutal losses
Fox Business • • business
Key Points:
- The Nasdaq Composite rebounded with a 1.09% gain on Friday after a sharp sell-off in AI stocks pushed the exchange into correction territory the previous day.
- Technology and semiconductor stocks led the recovery, with Nvidia up 2.8%, Advanced Micro Devices rising 11%, and the semiconductor index rallying 4.2%.
- The prior sell-off was driven by investor concerns over potential AI regulations and data center development following Democrats' sweeping midterm election victories.
- Tesla and SpaceX shares also bounced back strongly, gaining 4.2% and 8.6% respectively, while Airbnb rose 12% after raising its 2026 revenue growth forecast.
- U.S. economic data showed stronger-than-expected job growth in October with 165,000 jobs added and a slight drop in unemployment to 4.1%, signaling ongoing labor market resilience despite inflation challenges.
