Domestic equity markets found support as the Philadelphia Semiconductor Index surged 4.2% following its steepest daily drop since April 2025. Major semiconductor firms including Nvidia, AMD, Intel, and Micron posted significant single-day gains to lead the turnaround alongside advances in Tesla and SpaceX. However, all three primary U.S. benchmarks still closed lower for the full week as investors evaluated the fallout from regulatory headwinds. The domestic rally failed to lift global peers, with European and Asian markets sinking deeper into negative territory.
Key points
Despite Friday's tech-driven gains, all three major U.S. benchmarks ended the week lower…: Despite Friday's tech-driven gains, all three major U.S. benchmarks ended the week lower following severe mid-week declines.
Proposed Texas legislation restricting large-scale data center development continues to f…: Proposed Texas legislation restricting large-scale data center development continues to fuel investor worries over high artificial intelligence infrastructure costs.
Domestic market gains diverged sharply from international equities, which suffered broad…: Domestic market gains diverged sharply from international equities, which suffered broad declines across Europe and Asia.
Sources checked by our analysis pipeline: 1
Wall Street rebounded from its 18-month low on Friday, led by a sharp recovery in semiconductor stocks, as investors assessed the potential impact of Democratic election victories on the US artificial intelligence (AI) industry.
The recovery followed a steep selloff in the previous session, triggered by fears that the election results could lead to tighter regulations for the AI sector, wiping out trillions of dollars in global stock market value. The gains were led by technology, communication services and industrial stocks.
The S&P 500 rose a marginal 0.31% and the Nasdaq Composite advanced 1.1%, while the Dow Jones Industrial Average slipped 0.46%.
However, despite Friday's recovery, all three indices ended the week lower following the previous session's sharp losses.
Chipmakers lead Wall Street's recovery
Semiconductor stocks emerged as the biggest beneficiaries of Friday's rebound. The Philadelphia Semiconductor Index gained 4.2%, recovering after suffering its biggest single-day decline since April 2025.
Nvidia shares climbed nearly 3%, reversing some of the losses from its previous session, when the stock recorded its worst performance since January 2025.
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