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A rebound in Nvidia shares led the S&P 500 and NASDAQ Composite higher on Tuesday, a day after a selloff in the chipmaking giant.
The Dow Jones Industrials tumbled 260.67 points to 39,150.54.
The S&P 500 recovered 14.98 points to 5,463.98.
The NASDAQ jumped 193.23 points to 17,690.04.
Nvidia shares gained than 4%. During 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 around 8% after adjusting its guidance downward.
Prices for the 10-year Treasury slid, raising yields 4.26% from Monday’s 4.23%. Treasury prices and yields move in opposite directions.
Oil prices poked ahead five cents at $81.68 U.S. a barrel.
Gold prices dulled $10.10 to $2,334.30
