Stock Market Today: Nasdaq 100 Rises as AI Chip Rout Reverses, SanDisk Jumps 7%
Key takeaways
- Tech rebound lifts Nasdaq and S&P 500, while higher Treasury yields hint at tighter monetary conditions.
- Nasdaq 100 up 1.7% to 29,699
- S&P 500 up 0.7% to 7,711
- Dow Jones flat at 51,996
What happened
The Nasdaq 100 jumped 1.7% to 29,699, while the S&P 500 rose 0.7% to 7,711 and the Dow Jones stayed flat around 51,996. The rally was driven by a rebound in AI chip and infrastructure names, with Intel up 5.0%, Lam Research 5.4%, Micron 4%, SanDisk 7.3%, and Marvell 7.3%. The 10‑year Treasury yield climbed to 5.14%, and the Fed Chair said recent inflation data had not changed his view of the economy.
Why it matters
The tech‑heavy gains lift the broader market and signal a shift away from last week’s chip sell‑off, which saw the Nasdaq fall over 4% and chip stocks drop nearly 10%. A stronger Nasdaq can support investor confidence and may ease pressure on rate‑sensitive sectors. The rise in Treasury yields reflects tightening…
Short-term and longer-term
Short-term. In the next 24–48 hours, watch the Nasdaq for any pullback as Treasury yields remain elevated.
Longer-term. Over the coming weeks, the tech rally could sustain the Nasdaq’s upward trajectory if earnings from AI and memory companies remain strong.