AI and technology shares rebounded after a sharp sell‑off that erased trillions of dollars from market capitalisation.
The Nasdaq composite opened higher following a market rout that originated in the United States on Thursday and spread to Asian and European markets on Friday.
Investor selling pressure on tech stocks was partly driven by concerns that a Democratic victory in the midterm elections could slow AI development.
Meanwhile, September’s unexpectedly strong jobs report—adding 165,000 positions—presented a mixed outlook for U.S. markets on Friday morning.
On Thursday, companies tied to AI development, especially chip and semiconductor manufacturers, suffered steep declines.
The Nasdaq Composite climbed 1.23% at the open and kept rising in early trading, recouping part of its 5.5% tumble.
The S&P 500, home to many of America’s largest publicly‑traded firms, also opened modestly higher and continued to advance, while the Dow Jones Industrial Average opened slightly lower and finished flat.
NVIDIA, which lost hundreds of billions in market value on Thursday after a 9% drop, opened Friday up more than 6%.
SpaceX and Tesla, both hit hard on Thursday, posted mixed gains—SpaceX rose more than 7% and Tesla was up nearly 3%.
Chipmakers AMD and Micron fell more than 17% on Thursday, but both recovered on Friday with AMD gaining about 12% and Micron up over 8%.
