Tech Stocks Power Gains After AI-Fueled Selloff: Markets Wrap

A rally in technology firms spurred a rebound in stocks after a rout driven by fears about the disruptive impacts of artificial intelligence, with sentiment also buoyed by an improvement in consumer confidence.

Beaten-down software firms climbed, with the Nasdaq 100 up 1.1%. Advanced Micro Devices Inc. jumped about 9% on Meta Platforms Inc.’s plans to spend billions on its gear. Texas Instruments Inc. slid on concern about heavy capital spending. Short-dated bonds underperformed. Gold fell.