Chipmakers' stocks posted their biggest jump since July. The rally did not halt Nvidia's decline

Amid renewed investor interest in technology companies, the PHLX Semiconductor Index jumped 6.9% at the close of trading on November 9—its largest one-day gain since July 30, according to MarketWatch. Of the 30 companies in the index, only Nvidia’s stock fell—under pressure from the scandal surrounding its CEO, Jensen Huang. The company’s stock price dropped 4.3%.

The chipmakers’ rally showed that the sector is capable of growing even without the industry leader, MarketWatch notes. Shares of Nvidia’s closest competitor, Advanced Micro Devices, rose 13.2%, while Broadcom gained 8.8%. However, even after such strong gains, the index recovered only slightly more than half of last week’s losses, when it plummeted amid fears of a slowdown in data center development following the Democrats’ victory in the U.S. congressional elections.

At the close of trading on November 9, the Nasdaq Composite, a technology sector index, was up 2.7%. The S&P 500, a broad-market index, jumped 2.3%. The Dow Jones Industrial Average, a blue-chip index, gained nearly 2.2% and surpassed its closing level on Election Day. The S&P 500 and the Nasdaq Composite remained slightly below their respective levels.

The CBOE Volatility Index, considered a measure of fear on Wall Street, fell sharply, marking its steepest decline since April of last year. That was the month President Donald Trump first announced sweeping tariffs and then suspended them. As of the close on November 9, the volatility index remains just above the psychologically important 20-point mark. This suggests that investors are still feeling some anxiety, explains MarketWatch.

This news story is being updated.

This article was AI-translated and verified by a human editor