Nasdaq and S&P 500 Bounce Back On Monday as Chip Stocks Shake Off Friday's Hangover
Semiconductor stocks are staging a comeback on Monday. Here's what's driving the rebound in Intel, Micron, and the broader market.
Nasdaq and S&P 500 Bounce Back On Monday as Chip Stocks Shake Off Friday's Hangover
Overview
After Friday's tech wreck sent the Nasdaq Composite (NASDAQINDEX: ^IXIC) index tumbling 4% and vaporizing over $1 trillion from semiconductor stocks, Monday's market looks a lot friendlier. Chip stocks are back in the driver's seat, and investors are largely pretending last week's panic never happened.
The Nasdaq Composite has gained 1.5% as of 12:46 p.m. ET, clawing back some of Friday's painful losses. The S&P 500 (SNPINDEX: ^GSPC) is up 0.8%, while the Dow Jones Industrial Average (DJINDICES: ^DJI) is barely in the green at 0.2%.
Details
Trillion-dollar tech giants are doing the heavy lifting here. The equal-weighted Invesco S&P 500 Equal Weight ETF (NYSEMKT: RSP) is only up 0.2%, far behind the cap-weighted versions of the same stock list. In other words, megacap stocks are having a party on an otherwise quiet market day.
Source
Originally published at www.fool.com.
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