A rebound in Nvidia shares led the S&P 500 and NASDAQ Composite higher on Tuesday, a day after a sell-off in the chipmaking giant.
The Dow Jones Industrials sank 128.66 points to 39,282.55.
The S&P 500 recovered 13.54 points to 5,461.41.
The NASDAQ jumped 145.34 points to 17,642.15.
Nvidia shares gained than 3%. In the previous session, the stock dropped more than 6% to mark its biggest one-day slide since April 19, when it lost 10%.
The latest decline pushed the AI darling deeper into correction territory, or more than below 13% their intraday record. Other semiconductor stocks were also under pressure on Monday, including Super Micro Computer, Qualcomm and Broadcom.
Nvidia’s losses pushed the NASDAQ down more than 1% on Monday, its biggest one-day loss since April. The NASDAQ-100 also suffered its worst day since April as investors rotated out of chipmakers. This inter-market shift boosted the Dow by more than 200 points, making it the lone U.S. stock benchmark to post a gain in the previous session.
Several large cap tech names also rose after suffering declines on Monday. Amazon, Meta and Google all rose by more than 1%.
Meanwhile, SolarEdge Technologies sank 17% after announcing plans for a $300 million private offering of convertible notes. Pool Corp also dropped 8% after adjusting its guidance downward.
Prices for the 10-year Treasury slid, raising yields 4.24% from Monday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices gathered seven cents at $81.56 U.S. a barrel.
Gold prices dulled $7.80 to $2,336.60
