Wall Street’s tech stocks surged nearly 2% on Tuesday amidst geopolitical concerns, marking a rebound for the Nasdaq index. This boost comes ahead of the earnings season as investors shifted focus from recent drawdowns, particularly a significant 33% decline in high-beta tech momentum stocks, one of the worst since the 1990s Dot Com bubble.
The CNN Fear & Greed Index indicates that investor sentiment remains fearful, exacerbated by volatility in major market indices and renewed U.S.-Iran tensions. Despite this, several recently troubled AI stocks, such as SanDisk (SNDK) and Cerebras Systems (CBRS), have shown strong recoveries.
On the same day, Micron Technology (MU) experienced a more than 10% rise, breaking free from a bearish pattern, while reclaiming its 10-week moving average, suggesting a return to bullish conditions.
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