[New York Stock Market] Tech stocks rebound on AI buying; SOXL surges 12.5%

[Financial News]  

The New York stock market ended mixed on the 6th (local time).
Tech stocks rebounded as buyers piled into AI-related stocks, which had plunged the previous day, while the Dow Jones Industrial Average continued to fall after posting relatively modest losses.
As semiconductor shares rebounded, SOXL, a leveraged exchange-traded fund (ETF) that tracks three times the daily price moves of 30 semiconductor stocks, surged 12.5%.
Meanwhile, the Cboe Volatility Index (VIX), Wall Street's 'fear gauge,' which had surged 70% amid the collapse of the AI trade, plunged 9% that day to 25.64.

Tech stocks, which had all but melted away the previous day, managed to rebound on bargain-hunting.
The S&P 500 rose 23.13 points (0.31%) from the previous session to 7,376.86, while the Nasdaq gained 264.43 points (1.09%) to close at 24,579.43.
The Nasdaq-100 Index, comprising 100 large-cap tech stocks, jumped 360.18 points (1.35%) to 26,990.00. TQQQ, a leveraged ETF that tracks three times the index's daily moves, surged $1.78 (3.54%) to $52.25.
The 'Wall Street fear gauge,' the VIX, fell 2.64 points (9.40%) to 25.53 as the shock of its 70% surge the previous day faded.
The Dow, comprising 30 large-cap blue-chip stocks, closed down 237.33 points (0.46%) at 51,258.73. It ended lower as 22 of its components fell, including Salesforce, which dropped nearly 4%, and Nike, which plunged 2.5%.
All three major indexes also fell for the week.
The Dow dropped 0.94%, while the S&P 500 and Nasdaq plunged 2.68% and 3.37%, respectively.

Semiconductor stocks rebounded amid bargain-hunting.
Sector leader NVIDIA jumped $5.04 (2.78%) to $186.64, while Micron surged $33.61 (5.12%) to close at $690.00.
Intel surged $4.03 (7.71%) to $56.28, while SK hynix's American depositary receipts (ADRs) gained $3.44 (2.78%) to close at $127.34.
The iShares Semiconductor ETF (SOXX) rose $4.63 (3.51%) to $136.53, while the Roundhill Memory ETF (DRAM) surged $2.28 (6.16%) to $39.29.
The leveraged semiconductor ETF Direxion Daily Semiconductor Bull 3X Shares (SOXL) surged $5.10 (12.48%) to close at $45.97. However, SOXL plunged more than 40% for the week.

Big Tech stocks were mixed. Elon Musk's SpaceX and Tesla, along with Palantir, all three of which had plunged the previous day, surged, while Apple, Microsoft (MS) and Amazon were weaker.
SpaceX jumped $10.65 (8.62%) to $134.27, as Deutsche Bank recommended bargain-hunting. Tesla gained $14.53 (4.23%) to close at $358.22.
Palantir recovered from a 9.7% plunge, gaining $5.39 (3.48%) that day to close at $160.38.
Alphabet rose $2.21 (0.78%) to $284.78, while Meta Platforms gained $5.07 (0.84%) to close at $610.15.
Apple, by contrast, fell $1.80 (0.52%) to $342.37, while MS dropped $5.32 (0.99%) to $530.61.
Amazon also slipped $0.91 (0.35%) to $259.30.
Meanwhile, CNBC reported that the M7 Big Tech companies—NVIDIA, Alphabet, Apple, MS, Amazon, Meta and Tesla—lost more than $1 trillion in market capitalization the previous day.

Quantum computing stocks surged that day.
That was thanks to a more than 23% surge in shares of sector leader IonQ after it raised its annual revenue outlook. IonQ forecast annual revenue of $505 million to $515 million, far exceeding Wall Street's estimate of $456.2 million.
IonQ soared $6.19 (23.42%) to $32.62, while Quantum Computing surged $0.70 (12.43%) to close at $6.33.
Rigetti jumped $1.90 (19.29%) to $11.75, while D-Wave surged $1.63 (18.01%) to $10.68.

[email protected] Song Kyung-jae Reporter