[New York Stocks] Shares close up in the 2% range despite NVIDIA plunge; SOXL soars 22%

[Financial News]  

New York stocks closed more than 2% higher on the 9th (local time).
Semiconductor and big tech stocks, which had struggled amid concerns that AI regulations would be tightened as Democrats took control of Congress, advanced.
Bellwether NVIDIA plunged 4.3% amid a scandal over CEO Jensen Huang’s affair with a Chinese spy, but most semiconductor stocks surged.

Tech stocks, which rebounded on the 6th on bargain-hunting, extended their gains sharply that day.
The S&P 500, which broadly reflects market performance, jumped 173.08 points (2.35%) from the previous session to 7,549.94, while the tech-heavy Nasdaq surged 673.71 points (2.74%) to 25,253.14.
The Nasdaq-100, made up of 100 large-cap tech stocks, surged 917.63 points (3.40%) to close at 27,907.63. The leveraged exchange-traded fund (ETF) ProShares UltraPro QQQ (TQQQ), which tracks three times the index’s daily moves, soared $5.33 (10.20%) to $57.58.
The Dow Jones Industrial Average, made up of large blue-chip stocks, also closed up 1,104.02 points (2.15%) at 52,389.75. Only four of its 30 components fell: NVIDIA, Boeing, Chevron and Visa.
The “Wall Street fear gauge,” the Cboe Volatility Index (VIX), fell below the psychological resistance level of 20. The VIX plunged 5.72 points (22.31%) to 19.92.

Semiconductor stocks continued to gain.
AMD soared $59.54 (13.26%) to $508.58, while Broadcom surged $25.79 (8.78%) to $319.48.
Micron surged $43.15 (6.25%) to $733.15, and Intel gained $3.09 (5.49%) to close at $59.37.
SK hynix American depositary receipts (ADRs) also rose sharply, gaining $7.04 (5.53%) to $134.38.
NVIDIA, facing a scandal over the CEO’s affair with a Chinese spy, closed down $7.97 (4.27%) at $178.67. However, it managed to significantly pare its losses later in the session after plunging 8.8% early on.
Although bellwether NVIDIA struggled, the semiconductor leveraged ETF soared as semiconductor stocks posted steep gains. Direxion Daily Semiconductor Bull 3X Shares (SOXL) surged $10.23 (22.25%) to close at $56.20. Despite the rally, it remained down more than 23% from its $73.12 closing price on the 3rd, the day of the midterm elections.

Big Tech stocks also all advanced, shrugging off the shock from NVIDIA.
Alphabet gained $3.37 (1.18%) to close at $288.15, while Apple rose $8.32 (2.43%) to $350.69.
Microsoft (MS) gained $14.57 (2.75%) to $545.18, while Amazon rose $7.63 (2.94%) to close at $266.93.
Meta Platforms gained $31.22 (5.12%) to $641.37, while Palantir surged $8.82 (5.50%) to $169.20.
Elon Musk’s Tesla and SpaceX also posted steep gains side by side.
Tesla rose $19.83 (5.54%) to $378.05, while SpaceX surged $7.80 (5.81%) to close at $142.07.

[email protected] Song Kyung-jae Reporter