Nasdaq & Chip Stocks Rebound After Selloff
US stocks closed higher on Monday (June 8), led by the Nasdaq and semiconductor stocks, as investors sought bargains following last Friday's sharp selloff. Sentiment also improved after Iran and Israel declared they had halted attacks on each other following President Donald Trump's call for both sides to "cease fire."
Although the major indexes briefly edged higher during the session, the market closed below their intraday peaks, and the Dow Jones Industrial Average ended lower. The S&P 500 rose 0.30% to 7,405.81, the Nasdaq gained 0.86% to 25,931.56, while the Dow Jones Industrial Average fell 0.15% to 50,791.17.
The technology sector and the Philadelphia semiconductor index led the recovery, reversing Friday's losses that had wiped out approximately US$1 trillion in market value for US-listed chip stocks. Investors returned to the market after last week's pressure, triggered by a combination of disappointing Broadcom results and very strong US employment data that prompted a repricing of interest rate expectations.
In individual stocks, Intel surged after a report said Google had ordered more than 3 million Tensor processing units for 2028. Marvell Technology also rose sharply after news that the company would be included in the S&P 500 index effective before trading on June 22. Meanwhile, Apple weakened toward the end of the session despite the company unveiling AI updates for Siri at WWDC.
Outside of technology, Eli Lilly gained after results from trials of its next-generation obesity drug, retatrutide, showed additional benefits, including reducing the severity of sleep apnea, supporting weight loss, and alleviating knee pain. The market is also beginning to weigh the potential impact of SpaceX's IPO, which is said to be a new test of investors' risk appetite. (arl)
Source: Newsmaker.id
