Key facts
- Wall Street stocks rebounded on Monday, with buyers stepping in after Friday's tech sector decline.
- Chipmakers recovered from a sharp selloff, with the Philadelphia SE Semiconductor index advancing 6.2%.
- Intel shares jumped 12% following reports of Alphabet's Google placing an order for tensor processing units.
- Easing tensions in the Middle East contributed to positive market sentiment.
- The Dow Jones Industrial Average rose 0.01%, the S&P 500 gained 0.63%, and the Nasdaq Composite advanced 1.27%.
Wall Street stocks rebounded on Monday, with buyers stepping in to stabilize the market after Friday's tech sector decline. Investors were also relieved by signs of cooling tensions in the Middle East, as Iran and Israel signaled a pause in attacks following an appeal from U.S. President Donald Trump.
The S&P 500's technology sector led gains, increasing 1.8%, while the Philadelphia SE Semiconductor Index advanced 6.2%, rebounding from Friday's losses. Intel shares jumped 12% after news website The Information reported that Alphabet's Google had placed an order to manufacture more than 3 million tensor processing units in 2028. Broadcom shares were up 2.3% on Monday.
The Dow Jones Industrial Average rose 6.62 points, or 0.01%, to 50,871.37, the S&P 500 gained 47.67 points, or 0.63%, to 7,430.49, and the Nasdaq Composite rose 329.47 points, or 1.27%, to 26,036.94. Apple shares were down 1.4% after CEO Tim Cook announced new AI features at the company's annual Worldwide Developers Conference.
Marvell Technology jumped almost 15% with the chipmaker set to join the benchmark S&P 500 before the start of trading on June 22. Eli Lilly advanced 2.7% after its trial results showed its obesity drug, retatrutide, curbed sleep apnea severity.