Nasdaq opens higher as chip stocks recover, rate fears persist
The Nasdaq Composite rose 1.23 per cent at the opening bell on Friday, driven by a recovery in chip stocks after heavy losses tied to fears of tougher AI regulation under a Democratic-led Congress. The Dow fell 0.94 per cent, while the S&P 500 gained 0.26 per cent, as a jobs report stoked interest-r
The Nasdaq Composite opened higher on Friday, gaining 299.54 points, or 1.23 per cent, to 24,614.53 at the opening bell, as chip stocks recovered from heavy losses posted during a sharp selloff. The selloff had been driven by fears that a Democratic-led Congress could result in tougher artificial-intelligence regulation, according to a report by The Standard.
The Dow Jones Industrial Average fell 486.37 points, or 0.94 per cent, at the open to 51,036.69. The S&P 500 rose 19.44 points, or 0.26 per cent, at the open to 7,373.17.
Even as chip stocks pared their losses, the jobs report raised concerns that interest rates could rise, the report said.