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Dow Jones rises 200 points in today's trading
U.S. stocks rose on Wednesday, shortly after opening in negative territory,
to recoup some of the previous session's losses, as technology stocks regained some ground after a lackluster start to September.
The S&P 500 rose 0.4%, while the Dow Jones Industrial Average added 220 points, or 0.5%. The Nasdaq Composite also rose 0.5%.
Nvidia shares rose 1.5%, reversing an earlier loss after a report said the U.S. Department of Justice had sent subpoenas to the chipmaker. The move comes after Nvidia shares fell more than 9% in Tuesday's session amid a broader slide in semiconductor stocks.
Tech giants extended losses, including Meta
Amazon and Microsoft, which each fell more than 1%. The XLK Technology Select SPDR Fund lost about 1%.
Wall Street is coming off a losing session, with major indexes posting their worst day since the Aug. 5 selloff, as chip companies came under pressure after the latest economic data pointed to a slowdown in the U.S. economy. The 30-stock Dow Jones Industrial Average fell more than 600 points, or 1.5%, the S&P 500 fell about 2.1% and the Nasdaq Composite lost about 3.3%.
Traders are bracing for more volatility in September, a historically weak month for stocks. Many investors are expecting a 5% or more decline in the coming weeks, although some money managers are viewing any decline as a buying opportunity.
"The next eight weeks should be an excellent opportunity to rebalance your portfolio, diversify further and let the market actually work in your favor," Chris Haze, chief investment officer at Merrill and Bank of America Private Bank, said on CNBC.
