Chip stocks just snapped back on Election Day and pulled the S&P 500 out of a 3-day losing streakThe chip index jump…
Chip stocks just snapped back on Election Day and pulled the S&P 500 out of a 3-day losing streak
The chip index jumped 2.6% as $NVIDIA(NVDA.US) rose 2.3% after 4 straight down days, $Micron Tech(MU.US) gained 2.6% and $Broadcom(AVGO.US) added 3.1%$AMD(AMD.US) +3.7% heading into earnings after the bell$Microsoft(MSFT.US) +2.7%, $Meta Platforms(META.US) +2.4% and $Amazon(AMZN.US) +2.1%$Apple(AAPL.US) -1.9% after warning memory chip costs will squeeze its holiday quarter marginsBitcoin miners ripped with $Riot Platforms(RIOT.US) +18.4% and $Hut 8 Mining(HUT.US) +15.9%Earnings losers got crushed with $Dynatrace(DT.US) -14.7%, $Gartner(IT.US) -13.2%, $Thomson Reuters(TRI.US) -9.9% and $Shopify (SHOP.US) -8.7%The 10 year yield jumped to 4.95%, its biggest gain since Sept 28S&P 500 +0.4% to 7,569Nasdaq +0.8% to 25,372Dow -0.4% to 51,787The rally was thinner than it looks, with decliners beating gainers 1.6 to 1 inside the S&P 500 and the Nasdaq printing 251 new lows. Dip buyers went right back to the riskiest AI names, so tonight's midterm results and $AMD(AMD.US)'s numbers decide whether this bounce sticksSource: StockMarket.News
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