Oil slides and US technology stocks claw back last week’s losses
Nvidia shares closed down 4 percent, CNBC reported, after the board announced Sunday that it is investigating co-founder and chief executive Jensen Huang’s relationship with a businesswoman who US intelligence agencies say is a Chinese spy.
AP News, which recorded the decline as 4.3 percent, reported the board said it has “no reason to believe” that either national security or Nvidia secrets were compromised.
Advanced Micro Devices jumped 13 percent and Broadcom rose nearly 9 percent, according to CNBC, while the iShares Semiconductor ETF, down around 13 percent last week, gained more than 7 percent.
The chip sell-off was “overdone,” Jay Hatfield, chief executive at Infrastructure Capital Advisors, told CNBC, though he called the turmoil “partially correct” given a “policy overhang from the Democrats.”
He expects the S&P 500 to be rangebound through the end of the year. “It’s not like the coast is clear,” Hatfield said.
