Why Nvidia Stock Surged 25% in November
Shares of tech giant Nvidia (NASDAQ: NVDA) soared 25.4% in November, according to data from S&P Global Market Intelligence. For context, the S&P 500 and Nasdaq Composite returned 5.6% and 4.5%, respectively, last month. The latter index is the better benchmark for Nvidia because it has a heavier concentration of technology stocks.
Nvidia stock's strong performance last month is largely attributable to market dynamics. Investors bid up stocks in general and growth stocks in particular, following U.S. inflation data for October coming in better than widely expected.
On Nov. 10, Nvidia stock jumped 14.3% following the Bureau of Labor Statistics releasing October Consumer Price Index (CPI) data that showed inflation is cooling off. The October CPI, which measures consumer prices for a broad basket of goods and services, rose 0.4% from the prior month and 7.7% from the same month a year ago.
Source Fool.com
