Nasdaq-100 jumps 1.32% driven by a spectacular semiconductor rally
Semiconductors Lead the Way
The semiconductor sector led the rankings for the session with a series of significant gains. KLA Corporation topped the movement with a leap of 6.29%, reaching $1,429.1, closely followed by Lam Research, which rose by 5.93% to $211.15. Advanced Micro Devices climbed 5.33% to $202.68, while Micron Technology added 5.14% to $389.32. Dutch company ASML Holding, a key player in chip equipment, gained 5.00% to $1,357.42. Intel also showed strong performance, advancing 4.97% to $45.58. Broadcom moved up 4.62% to $345.75, and Applied Materials increased by 4.37% to $338.94. The upward trend extended to Onsemi, which rose 4.15% to $59.23. MicroStrategy, a business intelligence firm, also benefited from this momentum with a gain of 4.06% to $138.95.
Telecom and Services Under Pressure
Contrary to the trend, several stocks ended in the red. Charter Communications experienced the largest decline of the day, falling 4.06% to $222.82, while Cisco dropped 3.09% to $76.21. Cable operator Comcast slipped 2.73% to $31.04. Axon Enterprise, a specialist in law enforcement equipment, decreased by 2.60% to $559.06. Payroll management firm Paychex gave up 2.55% to $98.28. The Trade Desk fell by 2.46% to $28.56, and Cognizant dipped 2.44% to $64.64. Booking Holdings lost 2.41% to $4,440.69. CDW Corporation and Verisk both declined, by 2.17% to $120.74 and 2.14% to $210.24, respectively.
A session confirming sector rotation
The session on March 9 highlights a contrasting dynamic within the Nasdaq. While tech stocks linked to semiconductors enjoyed a massive resurgence of interest, more defensive sectors or those related to traditional telecommunications experienced profit-taking. The Nasdaq, at 24,967.25 points after its 1.32% gain, confirms the sector volatility characterizing the markets at the start of March. The session unfolded without any major economic announcements, allowing investors to focus on sector fundamentals and portfolio rotations.
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