Tech Storms Back as Nvidia’s 8% Jump Fuels AI Bets: Markets Wrap
- Chipmaker set to report its quarterly earnings on Wednesday
- Treasury yields hit highest since 2007 on elevated rate fears
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A rally in big tech spurred a rebound in stocks, outweighing concerns over higher Treasury yields just a few days ahead of a speech by Federal Reserve Chair Jerome Powell.
The S&P 500 halted a four-day drop while the Nasdaq 100 rose about 1.5%, with Tesla Inc. up the most since March. Nvidia Corp., which helped ignite the artificial-intelligence frenzy that has driven this year’s equity surge, jumped over 8%. The chipmaker’s results are due Wednesday, and revenue is seen rising 65% from a year earlier, according to data compiled by Bloomberg.