Nasdaq Reclaims 50-Day as Intel, AMD Lead Rally

Semiconductors led the recovery. Intel and AMD were the day’s standouts, and the broader chip complex joined the move, lifting sector funds such as the VanEck Semiconductor ETF and the iShares Semiconductor ETF. That matters because chips remain the market’s highest-beta expression of AI spending, cloud demand and cyclical growth expectations.

The move also reflected a market that is still trying to price a Federal Reserve path that looks less restrictive than it did earlier this year. The fed funds rate is around 3.63%, while the 10-year Treasury yield was near 4.94% in the latest data, a backdrop that keeps rates sensitive equities, especially long-duration tech names, in focus.

For investors, the key question is whether Thursday’s bounce marks the start of a durable rotation back into growth or just another relief rally in a volatile tape. The Nasdaq’s recovery above its 50-day line and improving momentum on conventional indicators such as the RSI and MACD are constructive, but the index still needs follow-through to prove the move has staying power.

The broader market backdrop remains mixed, with sentiment on the S&P 500 still in fear territory even as the recent rebound has improved short-term trend readings. For now, traders will be watching whether chip strength holds into the next session and whether Treasury yields and Fed expectations keep giving technology stocks room to extend the rally.