Shares of NVIDIA Corporation (NASDAQ:NVDA) popped today as the tech sector rebounded after several days of losses. NVIDIA's stock jumped by as much as 7.5%, before settling slightly lower.
As of 3:09 p.m. EDT, NVIDIA's stock was up 7%.
NVIDIA stock has skyrocketed over the past few months and is up 116% since the beginning of this year. NVIDIA's shares have climbed quickly as the broader market, and tech stocks, in particular, have risen after a steep market drop in March.
But tech stocks pulled back from some of their highs over the past few days. Between Sept. 2 and Sept. 8, the S&P 500 fell 5.5% as investors fled the tech sector. As a result, NVIDIA fell 13.8% over the same period. But investors appear to be coming back to tech stocks again, which is why NVIDIA is rising again today.
NVIDIA's stock is up an impressive 185% over the past 12 months, compared to the S&P 500's 15% gains. NVIDA's stock price jump today isn't the result of any company-specific news and investors should understand that the market is likely to continue acting in some unpredictable ways for a while. With the U.S. economy still reeling from the COVID-19 pandemic, investors can expect more market uncertainty in the near term.