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This week, leading technology stocks have been making waves with an impressive rebound rally, driving the Technology Select Sector SPDR Fund (XLK) to one of its best weeks in years. With a surge of 8.2%, this week marks the most significant increase since November 11, 2022. This surge can be attributed to the bounce back in megacap technology and semiconductor stocks, lifting all three major U.S. stock indexes.
With stocks like Microsoft and Nvidia leading the way, investors have seen gains of roughly 7.2% and 15.8%, respectively. Nvidia’s shares saw a significant increase after CEO Jensen Huang highlighted enormous demand for its Blackwell chip at a recent conference. Apple also made headlines with the announcement of new products, causing a slight increase in their stock price.
Despite the recent rally, some investors are questioning whether this tech rebound is sustainable or just a “dead cat bounce” following brief slumps in August and September. LPL Financial chief technical strategist, Adam Turnquist, suggests that while this week’s rally is promising, there may still be challenges ahead for the tech sector.
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