Semiconductor shares rose 7.87 percent to 158.32 dollars, the largest move in the midday tables, and Broadcom rose 7.22 percent to 355.94 dollars. No story published on this site today explains either move, and no cause is claimed here; both moves follow Tuesday’s technology selloff.
Nvidia rose 4.66 percent to 176.76 dollars, recovering part of Tuesday’s 5.47 percent fall, though the stock is still down 11.68 percent on the week. Today’s Northwestern Polytechnical story shows scrutiny of Nvidia in Washington sharpening, with a senator calling on chief executive Jensen Huang to resign and a briefing requested for November 18, but no story published today explains Wednesday’s rebound (see today’s Northwestern Polytechnical story).
The broader tech sector rose 4.30 percent to 176.18 dollars and Tesla rose 3.67 percent to 393.72 dollars. No story published today explains the Tesla move or the sector wide rebound.
Rare earth miners rose 3.14 percent to 53.47 dollars and uranium miners rose 2.88 percent to 34.10 dollars, reversing part of Tuesday’s falls. Today’s miner equities story documented the opposite pattern on Tuesday, when miner shares fell while metal prices rose, and read that tape as positioning driven; by midday silver futures had risen a further 2.13 percent to 52.19 dollars while gold futures eased 0.48 percent to 4,010.70 dollars, still holding above 4,000 dollars (see today’s miner equities story and today’s gold story).
The Nasdaq 100 rose 2.93 percent to 28,553 points, the index level expression of the technology rebound, and the Nikkei 225 rose 2.87 percent to 60,460 points. No story published today explains the Nikkei move; Japan’s news in today’s files is the finance ministry’s planned 20 year bond auction (see today’s Japan 20 year JGB story).
Rates barely moved with the cash market shut for Veterans Day. The ten year yield rose 1.5 basis points to 5.00 percent, the five year rose 2.0 basis points to 4.83 percent, and Brent crude rose 1.58 percent to 92.94 dollars a barrel as attacks around the Strait of Hormuz kept a risk premium in the price (see today’s rates roundup and today’s Brent story).
The cross market read is a selective risk on rebound, not a relief rally. Equities and miners bought back Tuesday’s losses while yields stayed at their post inflation highs, the dollar index rose 0.67 percent to 102.91 and gold slipped, so the December hike pricing behind Tuesday’s selloff has not unwound. What has changed is that buyers were willing to own the technology trade again at lower prices, with a 5 percent ten year yield in the background.