Nvidia Drives Tech Stock Rebound as Global Markets Bounce Back

Nvidia's optimistic earnings outlook has driven further rebounds in chip stocks. The Nasdaq 100 index futures are up 0.7%, and S&P 500 index futures are up 0.4%. This rebound is part of a significant market turnaround that saw the Federal Reserve's rate hike action reinforce its inflation-fighting credibility, concerns over Middle Eastern oil supply ease, and the ongoing supply-demand imbalance in semiconductors continue to support profitability expectations for chipmakers.

The strong rebound in tech stocks, combined with a continued drop in oil prices, has boosted global market sentiment. The S&P 500 index is expected to close higher for the week, marking a positive end to a tumultuous trading week. Asian markets followed suit, with South Korea's Kospi soaring 2.7%, leading gains in the region.

However, experts warn that additional volatility from 'triple witching' on Friday could impact market performance. On this day, derivatives contracts tied to individual stocks, index options, and futures all expire on the same day, with a notional value of over $2 trillion. Historical data shows the S&P 500 is more likely to close lower on triple witching days.