The valuation of American shares surged on Nov 12, with major indices erasing an early slide to reclaim losses in a swift two hour rally. US equity markets grew their total market capitalization by more than $1 trillion during the reversal, which saw the S&P 500 turn positive for the session and move within 2.5% of its all time high.
The turmoil centered on Nvidia, whose shares plummeted to $151 overnight as investors reacted to the resignation of CEO Jensen Huang. While Nvidia’s overall market value dipped below $4 trillion during the rout, the stock eventually rose 9.3% to $165, offsetting a morning opening that had wiped between $630 billion and $700 billion from the US market.
