US Stocks Close: Nasdaq Leads Three Major Indexes, Philadelphia Semiconductor Index Rebounds 5.61%, Intel Rises 11.19%

Tradingkey - On June 8, tech stocks staged a broad rebound driven by an easing of geopolitical tensions. The three major U.S. stock indices ended mixed, with the Nasdaq Composite leading the gains.

At the close, the Dow Jones Industrial Average fell 0.16% to 50,786.01; the S&P 500 index rose 0.30% to 7,405.73; and the Nasdaq Composite climbed 0.86% to 25,929.66.

The current rally in U.S. equities is primarily driven by the continuous upward revision of earnings expectations, backed by solid fundamental support rather than pure speculation.

The consensus in the market is that last Friday's correction was a healthy technical adjustment, serving to digest overcrowded positions and normalize elevated short-term valuations. Provided that future corporate earnings expectations are not subject to systemic downward revisions and credit and liquidity conditions do not tighten materially, the market still has room for further gains following the pullback.

Tech stock performance

Intel (INTC) closed up 11.19% at $110.27.

Google has officially placed an order with Intel, planning to manufacture over 3 million TPUs by 2028. Nvidia has not yet placed a formal order but has begun testing Intel's advanced packaging technology and its cutting-edge 18A manufacturing process. Additionally, SK Hynix is testing the compatibility of its memory with Intel's packaging technology; if successful, this will further endorse Intel's foundry credentials.

Marvell Technology (MRVL) closed up 9.63% at $288.85.

S&P Global announced it will adjust three of its indices before the market opens on June 22, with Marvell Technology and Flex set to replace Pool Corp and The Campbell's Company in the S&P 500 Index.

Other tech giants saw mixed performances: Tesla (TSLA) rose 4.59%, Broadcom (AVGO) gained 2.82%, TSMC (TSM) climbed 2.77%, and Nvidia (NVDA) advanced 1.73%; on the downside, Apple (AAPL) fell 1.89%, Alphabet (GOOGL) dropped 1.36%, Meta Platforms (META) declined 1.28%, Microsoft (MSFT) slipped 1.18%, and Amazon (AMZN) edged down 0.33%.

The Philadelphia Semiconductor Index rebounded 5.61% to 12,906.69 points, with all 30 constituent stocks closing higher.

Storage stocks staged a recovery, with Micron Technology (MU) rising 9.87%, SanDisk (SNDK) climbing 5.30%, Seagate Technology (STX) gaining 3.46%, and Western Digital (WDC) advancing 2.97%.

Chinese concept stocks were mostly lower: Legend Biotech (LEGN) fell 3.37%, Luckin Coffee (LKNCY) dropped 3.08%, and Pinduoduo (PDD) shed 2.88%; meanwhile, Pony.ai rose 3.94%, Hesai (HSAI) gained 3.62%, and Bilibili (BILI) advanced 2.86%.

Corporate News

Google has ordered over 3 million chips from Intel

According to a report from The Information citing four people familiar with the matter, several major AI chip designers, including Google and Nvidia, have included Intel as a backup foundry. Among them, Google has officially placed an order with Intel, planning to produce more than 3 million TPUs in 2028.

Nvidia has not yet officially placed an order, but it has begun testing Intel's advanced packaging technology and its cutting-edge 18A manufacturing process. This work points toward Nvidia's next-generation GPU architecture, codenamed "Feynman," which is expected to be released in 2028.

Eli Lilly's next-generation weight-loss drug retatrutide shows excellent clinical trial performance

At the American Diabetes Association conference, Eli Lilly released clinical data for its next-generation injectable, retatrutide, showing that the 4mg low-dose group achieved approximately 19% weight loss. This efficacy is close to the levels reached by the highest dose of Eli Lilly's current blockbuster weight-loss drug, Zepbound.

Citigroup analysts noted in a research report: "The efficacy demonstrated by the 4mg dose of retatrutide is highly attractive, and its potential as a first-line treatment cannot be ignored."

Apple launches next-generation AI platform, including AI-powered Siri

At WWDC, Apple unveiled its next-generation AI platform, featuring a comprehensive upgrade to Siri. The new Apple Intelligence, powered by Google technology at the backend, will be better able to understand the contextual information of user requests.

This software update will focus on three core areas: artificial intelligence, performance improvements, and security. On the hardware and systems level, the next generation of macOS has been officially named Golden Gate; Apple also optimized the Liquid Glass design language introduced last year, adding a slider adjustment feature that allows users to customize the intensity of visual effects.

SpaceX IPO significantly oversubscribed, poised to set record for largest-ever listing

According to sources familiar with the matter, the SpaceX IPO has been significantly oversubscribed, and lead underwriting banks are expected to stop accepting orders from institutional investors after the close on Wednesday.

The IPO will be priced on June 11, with formal trading beginning the following day. SpaceX plans to issue 555.6 million shares at $135 per share, raising approximately $75 billion at a valuation of $1.8 trillion. Notably, the company will allocate up to 30% of the shares to retail investors, with some platforms continuing to accept retail subscriptions even after the institutional order deadline.

Industry & Macro News

Iran and Israel Announce Halt to Reciprocal Attacks

Iran and Israel agreed on Monday to de-escalate mutual military strikes following mediation by U.S. President Trump, after a surge in violence on Sunday night nearly derailed peace negotiations.

Netanyahu announced in a televised address that Israel would suspend strikes on the Iranian mainland, while making it clear that Israeli military operations against Hezbollah in southern Lebanon would proceed at full strength. Iran had previously declared an end to its military actions against Israel but issued a stark warning that it would pursue harsher retaliation should Israel continue its offensive in Lebanon.

Bank of America Warns Mounting "Bear Market Signals" Suggest Stocks Are Nearing a Peak

Bank of America stated that mounting "bear market signals" suggest a market top is approaching, advising investors to take profits. The bank's analysts noted that approximately 70% of bear market indicators have been triggered, in line with historical averages seen at market peaks. The S&P 500 is currently overvalued according to 17 of 20 valuation metrics, with eight exceeding levels recorded during the dot-com bubble.

Risk indicators cited by BofA strategists include declining consumer confidence, cooling growth expectations, slowing M&A activity, rising credit stress, and weak demand reflected in the Federal Reserve's loan survey. Additionally, the sharp outperformance of high P/E stocks over low-valuation stocks is viewed as a clear signal of excessive market speculation.

U.S. Judge Halts Trump’s $100,000 H-1B Visa Fee Mandate

A federal judge struck down Trump’s order to impose a $100,000 fee on H-1B visa applications, providing relief to U.S. technology companies reliant on high-skilled foreign labor. U.S. District Judge Leo T. Sorokin in Massachusetts ruled on Monday that the executive order sharply hiking the cost of the popular visa application constituted an illegal tax and must be vacated. The U.S. government is expected to appeal the decision.

U.S. Airlines' Fuel Costs Surged to $6.5 Billion in April

The U.S. Department of Transportation said on Monday that rising jet fuel prices, driven by Middle East tensions, caused U.S. airline fuel costs to soar 78% year-over-year in April to nearly $6.5 billion. In its monthly report, the DOT noted that fuel costs rose 26% from March, even as fuel consumption decreased by 2.6% over the same period. The DOT added that the cost per gallon reached $4.11 in April, up $1.81 compared to April 2025, a trend that has weighed on the industry.

New York Fed Survey: Consumer Inflation Expectations Remain Stable

According to a New York Fed survey, consumer expectations for future inflation held steady in May—welcome news for Federal Reserve officials concerned that accelerated price growth could become entrenched. The report showed that one-year inflation expectations edged down by 0.1 percentage point, while three- and five-year expectations remained essentially unchanged at around 3%. The survey also revealed relatively minor changes in consumer perceptions of labor market conditions, with respondents seeing a slightly lower probability of a further rise in the unemployment rate.