Nasdaq rebounds 2.90% driven by semiconductor surge

Semiconductors Dominate the Session

The session on April 8 will be remembered for the spectacular surge in the semiconductor sector. Intel led the pack with a gain of 11.42% to $58.95, in a trend that spread across the entire industry. Lam Research followed with a rise of 9.87% to $246.49, while Applied Materials climbed 8.87% to $385.72. American manufacturer GlobalFoundries gained 8.81% to $47.8, while the Dutch company ASML Holding increased by 8.77% to $1,421.05. KLA Corporation rose 7.97% to reach $1,672.34, and Micron Technology jumped 7.72% to $406.73. Onsemi rounded out the picture with an increase of 7.20% to $68.38. Beyond pure semiconductors, Meta Platforms benefited from the technological momentum, rising 6.50% to $612.42, while GE HealthCare saw an increase of 5.77% to $73.75.

Enterprise Software Under Pressure

Against the backdrop of technological euphoria, several software stocks had a tough session. Workday recorded the largest drop in the index with a decline of 6.54% to $119.17. Palantir Technologies fell by 6.20% to finish at $140.76, while Intuit shed 5.05% to $389.51. Applovin Corp decreased by 4.69% to $391.20. The energy sector was not spared: Diamondback Energy lost 4.62% to $186.47. Among other notable declines, Verisk slipped 3.08% to $175.43 and Zscaler dropped 2.98% to $137.85. Thomson Reuters Corporation fell 2.62% to $86.13, The Trade Desk 2.17% to $20.25, and Paychex 1.90% to $89.87.

End of Session Marked by Sector Rotation

This session on April 8 showcases Wall Street's ability to execute sharp sector rotations. While semiconductors had a historic day, enterprise software stocks underwent a consolidation movement. The Nasdaq, at 24,903.17 points after its 2.90% rise, is nearing its recent highs in a market climate characterized by strong selectivity. The session confirms investors' appetite for industrial tech stocks, to the detriment of pure cloud and software players.