Semiconductor stocks led a market-wide rebound Monday, with the PHLX Semiconductor Sector Index surging more than 5% after a Friday session in which chip shares were routed during a broader market selloff. The recovery was paced by Intel, whose shares rose about 11% following media reports that Google and Nvidia are evaluating the company as a backup chip-making option. Marvell Technology shares climbed more than 9% after S&P Dow Jones Indices announced Friday that the chip design company would be added to the S&P 500.
The broader market largely recovered its footing. The S&P 500 rose 0.3% to close at 7,383.74, according to Federal Reserve data. The Nasdaq Composite, heavy with technology stocks, gained 0.9% to 25,709.43. The Dow Jones Industrial Average diverged slightly, losing about 81 points, or 0.2%, to end the day at 50,866.78. The Friday selloff, which erased weeks of gains and pushed the Nasdaq down more than 4%, was triggered by stronger-than-expected May jobs data and renewed investor anxiety about the scale of artificial-intelligence spending among major tech companies.
Apple held a preview event Monday for an artificial-intelligence-enhanced version of its Siri voice assistant, developed in collaboration with Google. The updated Siri is designed to behave more like a generative-AI chatbot and is scheduled for wide release this fall. Apple’s stock had risen in anticipation of the announcement but gave up ground afterward, closing 1.9% lower. Investors had already priced in the update’s success in recent weeks, analysts said.
Oil futures rose as Middle East tensions continued to simmer. Prices stayed elevated even after Israel and Iran ended an exchange of missile fire, the report said. Both sides threatened to resume attacks should the other violate a fragile ceasefire. The persistent geopolitical risk kept energy markets on edge.
In the IPO market, attention is turning to the upcoming debut of SpaceX. Many new listings enjoy a first-trading-day jump — the average U.S. IPO pops about 19%, the report said. But shares in hot IPOs are typically allocated to institutions and very wealthy individuals, leaving little for retail investors. Although demand for a SpaceX listing is expected to be intense, similar allocation patterns are likely to squeeze out many ordinary buyers.