Wall Street closed mixed on June 8, with semiconductor stocks rebounding from last week's sharp decline. The Nasdaq and S&P 500 rose, while the Dow Jones Industrial Average remained slightly lower.
The Dow fell 80.77 points, or 0.16%, to finish at 50,786.01. The S&P 500 gained 21.99 points, or 0.30%, closing at 7,405.73, while the Nasdaq surged 220.23 points, or 0.86%, to end at 25,929.66.
Investors engaged in bargain hunting, particularly in semiconductor stocks, following last week's sell-off. The Philadelphia Semiconductor Index jumped 5.6%, and the technology sector within the S&P 500 rose 1.5%, leading the gains among major sectors.
Concerns over the overvaluation of semiconductor stocks, which contributed to last week's sell-off, eased somewhat. Broadcom rebounded by 2.8%, and Intel surged 11.2% after reports that Google had contracted the company to produce over 3 million tensor processing units (TPUs) by 2028. Marvell Technology rose 9.6% ahead of its inclusion in the S&P 500.
Early trading was marked by volatility due to tensions in the Middle East. However, investor sentiment stabilized somewhat after Iran and Israel announced a cessation of mutual attacks. Nonetheless, concerns about rising oil prices lingered, with Iran warning it would respond if Israel continued its assaults on Hezbollah in Lebanon.
In individual stock movements, Apple fell 1.9%. The company unveiled a revamped AI-based Siri at its Worldwide Developers Conference (WWDC), but its stock turned negative following the announcement. Market reactions were mixed regarding whether Apple's AI strategy met heightened expectations.
Investors are closely watching the Consumer Price Index (CPI) for May, set to be released this week. Last week's stronger-than-expected employment data has raised the possibility of interest rate hikes, making the inflation report a key factor in determining the Federal Reserve's future monetary policy.
* This article has been translated by AI.
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