The S&P 500 and Nasdaq experienced a resurgence on Friday following initial declines, primarily fueled by a recovery in tech stocks despite fears of further interest rate hikes in December.
Early in the trading session, major Wall Street indexes witnessed substantial dips due to mounting concerns over inflated AI stock valuations. However, keen investors viewed the downward trend as an opportunity to ‘buy the dip’ at more favorable prices.
Nvidia showed promise with a 1.7% increase, offsetting earlier losses and bolstering expectations for next week’s earnings announcement. Meanwhile, discussions within the Federal Reserve regarding interest rate cuts maintained a cautious stance, affecting investor sentiment.