Stock Market Today, June 8: Marvell, Intel, and Micron Lead Tech Stock Rebound
S&P 500 (SNPINDEX:^GSPC) rose 0.30% to 7,405.73 and the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 0.86% to 25,929.66 as tech stocks began to recover from Friday’s rout. The Dow Jones Industrial Average (DJINDICES:^DJI) slipped 0.16% to 50,786.01 as cyclicals lagged.
Market movers
Marvell Technology jumped 10% following news of its upcoming S&P 500 inclusion, while artificial intelligence (AI) chip bellwethers Nvidia, Intel, and Micron Technology helped lead a broad tech rebound from last week’s steep tech sell-off.
Apple’s unveiling of its Siri AI update failed to boost its stock, which dropped almost 2%. Eli Lilly gained on positive trial data for its Foundayo weight-loss drug.
What this means for investors
Today’s tech stock recovery could be due to dip buying or signs that AI and semiconductor fundamentals are stronger than Friday’s jitters suggested. WTI crude oil closed at just over $91 a barrel, easing from last week as fears of a Middle East escalation faded.
It is now 100 days since the U.S.-Iran conflict started, and, for the stock market at least, AI optimism has largely outweighed impact of the war. Major indexes have powered to new highs despite elevated oil prices, but — as data released by the New York Fed today shows — consumers are feeling the pinch. An increasing number of households in the May consumer confidence survey said their financial situation was worse than a year ago.
Consumer confidence is one of an increasing number of bear market red flags, highlighted by Bank of America in a recent note. Others include signs of excessive speculation and credit stress. If you’re concerned about froth in AI, focus on finding quality stocks rather than trying to invest in the whole sector, as they are most likely to outperform over time.
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Bank of America is an advertising partner of Motley Fool Money. Emma Newbery has positions in Apple and Nvidia. The Motley Fool has positions in and recommends Apple, Eli Lilly, Intel, Marvell Technology, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
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