US stocks ended mostly higher on Monday as investors returned to technology and semiconductor shares following a sharp sell-off last week, while easing tensions between Israel and Iran helped improve market sentiment.
The Nasdaq Composite rose 0.86% to 25,929.66, while the S&P 500 gained 0.30% to close at 7,405.73. The Dow Jones Industrial Average slipped 0.16% to 50,786.01.
Technology stocks led the rebound, with the S&P 500 technology sector advancing 1.5% and the Philadelphia Semiconductor Index surging 5.6%, recovering part of the losses suffered during Friday’s rout that erased around US$1 trillion in market value from US-listed chipmakers.
Shares of Intel Corporation jumped 11.2% after reports that Alphabet Inc. had placed an order for more than three million tensor processing units to be manufactured in 2028. Meanwhile, Broadcom Inc. gained 2.8% after last week’s disappointing outlook sparked concerns over the pace of the artificial intelligence-driven rally.
Investor sentiment also improved after Iran and Israel reportedly halted attacks on each other following calls by US President Donald Trump for both sides to cease hostilities.
However, shares of Apple Inc. fell 1.9% despite unveiling new artificial intelligence features and upgrades to Siri during its annual developers conference. Analysts said the decline reflected a “sell-on-the-news” reaction after expectations had already been priced into the stock.
The market rebound comes after stronger-than-expected US jobs data last week fuelled concerns that interest rates could remain higher for longer, prompting a sharp pullback in technology and AI-related shares. Investors are now turning their attention to upcoming US inflation data and a string of high-profile AI-related listings, including the anticipated debut of SpaceX later this week.
Reuters
