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Wall Street rebounded on Friday, with gains from Nvidia and other technology companies helping pare losses from early trading and rebalance the major indices.

The S&P 500 lost 3 points, or 0.1%, to close at 6,734, while the Dow Jones Industrial Average trimmed earlier losses to end the day down 310 points, or 0.7%. The Nasdaq Composite index also recovered from a morning dip, closing up 0.1%.

Nasdaq was buoyed by gains by chipmaker Nvidia, which added 18% on the day. Nvidia is set to report profits on Nov. 19. 

"We believe Nvidia's earnings next week will be another major validation moment for the AI Revolution and be a positive catalyst for tech stocks into year-end, as investors continue to underestimate the scale and scope of AI spend," Wedbush analyst Dan Ives said in a report.

Tesla shares also made a comeback from losses yesterday, rising 1.4%.

The gains came after the stock market had one of its worst days on Thursday since April.

In a note to investors, analyst Adam Crisafulli of Vital Knowledge said on Friday that investor concerns about the strength of AI company stocks have flared this week, while noting that growth in the sector remains solid.

"There's a lot of emotion involved with AI, and people are getting spooked by the sloppy price action in prominent AI-linked stocks, but actual fundamentals in the industry remain very strong," he said.

Stocks have also cooled because investors are less confident about another Federal Reserve interest rate cut when the central bank meets for the final time this year on Dec. 9-10. 

The Fed lowered rates in September and October, but some policymakers have signaled their hesitation about cutting rates in December. Fed Chair Jerome Powell that another cut isn't "a foregone conclusion."

Investors put the likelihood of a Fed rate cut in December at 53%, according to .

The market reset this week was overdue, Mark Luschini, chief investment strategist at Janney Montgomery Scott, told Autos News, noting that stocks have risen steadily this year and only recently were trading at lofty prices. 

"We have not had as much as a 5% correction off the early April lows after about a 43% move in the S&P 500," Luschini said.