S&P 500, Nasdaq rise as tech, chipmakers rebound

US stock markets saw mixed gains on June 8, with the Nasdaq Composite rising 0.86% to 25,929.66 and the S&P 500 climbing 0.30% to 7,405.73, driven by tech and semiconductor stocks. The Philadelphia SE Semiconductor Index rebounded sharply, up 5.6%, after losing over $1 trillion in market value on June 5 due to concerns about rapid growth in the sector and stronger-than-expected jobs data fueling rate hike fears. Intel shares led gains with an 11.2% rise following reports that Alphabet’s Google had ordered more than 3 million tensor processing units for 2028, signaling strong demand for advanced chips. The Dow Jones Industrial Average was the only major index to close lower, down 0.16% to 50,786.01, while Apple shares fell 1.9% despite announcing AI upgrades to Siri at its Worldwide Developers Conference in Cupertino, California. Analysts suggested investors may have reacted with a ‘sell-on-the-news’ response, as Apple’s stock had underperformed peers amid perceptions of lagging AI capabilities. Investors also showed relief after Iran and Israel announced a halt to mutual attacks following an appeal from former US President Donald Trump. The pause came after 24 hours of heightened tensions, marking the most direct confrontation since an April ceasefire. The broader market appeared to stabilize after a volatile week, with traders pricing in potential interest rate adjustments as early as 2026. Among advancers, Marvell Technology surged 9.6% ahead of its scheduled inclusion in the S&P 500 on June 22, while Eli Lilly gained 1.6% after trial results showed its obesity drug retatrutide improved weight loss and reduced sleep apnea severity. Declining stocks outnumbered advancers on the New York Stock Exchange by a 1.01-to-1 ratio, with 129 new highs and 162 new lows recorded. On the Nasdaq, 2,746 stocks rose compared to 2,142 that fell, reflecting cautious optimism in the tech sector.