Nasdaq Bounces Off Lows as Oil Prices Decline

The Nasdaq Composite Index experienced a relief bounce after reaching its low on Monday, driven by the decline in oil prices. However, the index remains below the 26,997.47 to 27,066.22 retracement zone, and investors are closely watching for signs of a sustained recovery.

NVIDIA's announcement of raising its share-repurchase authorization by $150 billion helped prop up the index, but other technology names such as AMD, Micron, Meta, Microsoft, and Amazon were down sharply.

The oil market is still a key driver of stock prices, with traders closely watching for developments related to Iran. A denial from either side or renewed Houthi attacks could put the oil premium back into the market, while yields are currently holding near their high despite the decline in crude prices.