The NASDAQ bounced well in the last few hours overnight to end the day up 1.1% with most of the “Magnificent Seven” contributing to the gain, led by Apple Inc, which closed 2.2% higher. Gains in Advanced Micro Devices and a range of software stocks stood out, as investor concerns around AI-driven disruption eased following Anthropic’s comments and Meta’s announcement of a multi-year partnership with the chipmaker.
- We have adopted a more neutral stance towards US tech after the software sector has hit our target levels, but Nvidia’s report this week could change things in an instant – (reports after close tonight).
MM is now neutral towards the NASDAQ 100, around 25,000
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