US Stock Market Sees After-Hours Rebound Led by Tech and Chip Stocks
The US stock market experienced a mixed cash close on October 1st. The S&P 500 Index was down 0.25%, while the Nasdaq Composite Index rose by 0.24%. In contrast, the Dow Jones Industrial Average and Russell 2000 Index fell by 0.86% and 0.39%, respectively.
However, after-hours futures showed a different story. The E-mini S&P 500 and NQ futures both increased by 0.37% and 0.39%, respectively. Similarly, the Dow Jones Industrial Average and Russell 2000 Index futures rose by 0.28% and 0.31%. The CBOE Volatility S&P 500 Index also rose by 1.87%, reaching 16.34.
The sector leaders were driven by growth-led trends, with technology and chip stocks showing significant gains. The $.XLK.US$ ETF proxy for technology rose by 0.64%, while the $.SOXX.US$ ETF proxy for chips increased by 0.21%. On the other hand, sectors such as staples, healthcare, REITs, defense, banks, and utilities experienced losses.
The dominant driver of the market's after-hours rebound was an overnight semiconductor bid led by Nvidia, Micron Technology, Apple, Microsoft, and Intel.