Stock Market Update

[BRIEFING.COM] The major averages are supported by a strong rebound across semiconductor stocks today, sending the S&P 500 (+0.6%) and Nasdaq Composite (+1.2%) firmly higher while the DJIA (-0.1%) holds a modest loss as broader market participation softens.

Over the weekend, NVIDIA (NVDA 208.67, +3.57, +1.74%) CEO Jensen Huang told reporters that last week's selloff across tech stocks presented a buying opportunity. The commentary added to sentiment in a market that has been quick to embrace any buy-the-dip impulse across semiconductor and AI-related names.

So far, investors are following through, with the PHLX Semiconductor Index (+6.7%) reclaiming roughly two-thirds of Friday's losses. Intel (INTC 110.79, +11.62, +11.72%) is a top mover after The Information reported that Alphabet (GOOG 359.29, -6.47, -1.77%) and NVIDIA (NVDA 208.67, +3.57, +1.74%) are considering using the company as a backup chip supplier, while Micron (MU 954.00, +89.99, +10.42%) holds a similar gain.

Elsewhere in the information technology sector (+2.2%), Apple (AAPL 313.55, +6.21, +2.02%) trades higher as investors await the start of its World Wide Developers Conference.

Though not S&P 500 components, Cerebras Systems (CBRS 246.80, +45.79, +22.78%) trades higher following its quiet-period expiration day after the majority of Wall Street initiations skewed bullish, while Marvell (MRVL 298.60, +35.13, +13.33%) moves higher after news that it will join the S&P 500 before the market opens on June 22.

Outside of tech, strength has waned since this morning, with just three S&P 500 sectors currently holding gains. The energy sector (+1.1%) outperforms as crude oil holds a modest gain for the day, currently up $0.60 (+0.7%) to $91.14 per barrel. Oil is well off its overnight highs as Israel and Iran have announced a halt in strikes after exchanging fire over the weekend.

The consumer discretionary sector (+0.7%) rounds out the gainers, with Tesla (TSLA 406.92, +15.92, +4.07%) providing solid mega-cap leadership. Meanwhile, Alphabet (GOOG 359.29, -6.47, -1.77%) and Meta Platforms (META 586.41, -6.59, -1.11%) extend recent weakness, keeping the communication services sector (-1.1%) firmly lower.

The utilities sector (+1.6%) holds the widest loss as defensive areas lag amid the tech rally, while the real estate (-1.4%) and materials (-1.2%) sectors also decline.

Outside of the S&P 500, the Russell 2000 (+1.3%) and S&P Mid Cap 400 (+0.6%) are off their best levels but remain firmly higher.

Overall, the session reflects a powerful semiconductor-led rebound as investors continue to aggressively buy the dip in AI and chip-related names. Looking ahead, markets will be watching Apple's WWDC, key inflation readings this week, and ongoing buzz around potential IPO pipelines, including SpaceX, but for now, sentiment remains anchored by persistent dip-buying and strong momentum in tech leadership.

There is no economic data of note today.