Investors returned to technology shares on Monday, driving the Nasdaq 100 higher by 3% and the S&P 500 up 2.1% for its strongest single day of trading in three months. The broader rally occurred despite a slide in Nvidia shares, which fell as much as 8.5% in early trading after the company announced on Sunday that its board had opened a probe into CEO Jensen Huang.
The gains increased total US market capitalization by an estimated $1.5 trillion, helping indices recover from their steepest losses of the year on Thursday when the Nasdaq 100 fell 6.4%. The S&P 500 now sits 4% below its Oct 6 record close, while the Nasdaq 100 remains 11% off its peak from the same date. The rebound follows a period of heightened instability, including a day last week when Wall Street’s fear gauge surged nearly 70%.
