Nasdaq Leads Weekly Gains on Chip Stock Rebound
- The Nasdaq Composite posted a 5.2% weekly gain through August 7, outperforming peers thanks to a sharp rebound in semiconductor names.
Semiconductor strength, with the iShares Semiconductor ETF (SOXX) up more than 7% for the week, drove the tech-heavy index higher as AI spending narratives regained traction.
This follows earlier volatility tied to big-tech earnings, where mixed reactions to capex and guidance created dispersion in valuations. The rebound aligns with broader earnings season momentum, where 75%+ of S&P 500 companies have reported results exceeding expectations.
Affected assets include chipmakers and related supply-chain equities, while defensive sectors lagged. Traders should watch for follow-on moves in names like AMD or Nvidia peers, upcoming earnings from remaining big-caps, and any shifts in bond yields that could pressure growth stocks.
The week's performance underscores earnings as the primary market driver over macroeconomic fears.
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