Wall Street holds steadier as AI stocks recover some of their sell-off
Wall Street showed stability on Monday, with AI-related stocks rebounding after a sharp sell-off, including Micron Technology surging 9.9% and Marvell Technology climbing 9.6% on its S&P 500 inclusion. Meanwhile, oil prices spiked briefly due to Israel-Iran tensions but settled at $94.25 per barrel, while Treasury yields rose slightly amid inflation concerns.
Wall Street stabilized Monday as AI-linked stocks recovered from last week’s sell-off, with the S&P 500 gaining 0.3% after a 2.6% drop on Friday. The Nasdaq rose 0.9%, while the Dow Jones dipped 0.2%. Semiconductor and memory companies led gains, including Micron Technology, which jumped 9.9% after a 13.3% Friday decline—the largest in the S&P 500. Marvell Technology climbed 9.6% in its first trading day after being added to the S&P 500, following a 32.5% surge last week after Nvidia CEO Jensen Huang called it a potential “trillion-dollar company.” Analysts like Morgan Stanley’s Michael Wilson framed Friday’s dip as a healthy correction, predicting further gains toward an S&P 500 target of 8,000. Corning rose 5.6% after Amazon announced a multibillion-dollar deal for optical fiber and data center products, offsetting Campbell’s 0.9% dip despite stronger-than-expected quarterly profits. The company will exit the S&P 500 as Marvell joins. Oil prices spiked briefly after Israel and Iran exchanged strikes, with Brent crude briefly hitting $98 before settling at $94.25, up 1.2%. Higher oil prices and Treasury yields raised inflation fears, potentially weighing on broader markets. The S&P 500 closed at 7,405.73, the Nasdaq at 25,929.66, and the Dow at 50,786.01.
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