Nasdaq grinds to fresh highs as semis lead, small caps lag
NVDA and AMD pulled the tape higher into the close while IWM faded the rally on rate-cut repricing.
Mega-cap tech did the heavy lifting again today. NVDA tagged a fresh ATH on heavy call volume, and AMD ripped +3.1% after sell-side upgrades on its MI400 roadmap.
Breadth was thin — only 41% of S&P names finished green — and small caps got smoked into the bell as the 10Y backed up 6 bps. VIX printed a 14-handle, which historically has been a coiled-spring setup.
Watch the open: if SPY can hold 611 and QQQ defends 545, the path of least resistance is up. Failure there opens a quick flush to 605 / 540.
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