Wall Street Today: S&P 500, Nasdaq Comp Rise as MRVL, INTC, TSLA, MU Rebound from Friday's Big Sell-Off

The Nasdaq Composite and S&P 500 partly rebounded Monday from last Friday's big sell-off as Marvell, Intel, IonQ, Micron, Tesla and other large tech stocks gained back some of the major losses they suffered in Wall Street's previous session.

The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 220.23 points (0.9%) to a 25,929.66 close, while the $S&P 500 Index (.SPX.US)$ gained 21.99 ticks (0.3%) to 7,405.73.

However, the $Dow Jones Industrial Average (.DJI.US)$ bucked the trend and eased 80.77 points (0.2%) to 50,786.01.

Macro

The S&P 500 and Nasdaq Comp gained ground thanks to a significant rebound among Big Techs, many of which fell by double-digit percentages last Friday.

Tech stocks to bounce back Monday included $Intel (INTC.US)$(up 11.2%), $Applied Optoelectronics (AAOI.US)$ (11.1% better), $IonQ Inc (IONQ.US)$ (10.6% firmer), $Micron Technology (MU.US)$ (9.9% stronger) and $IREN Ltd (IREN.US)$ (ahead by 8.9%).

Big Techs to rise by lesser percentage amounts included $SanDisk (SNDK.US)$ (which rose 5.3%), $Advanced Micro Devices (AMD.US)$ (which added 5.1%) and $Tesla (TSLA.US)$(which rebounded 4.6% after falling 6.6% Friday).

$Marvell Technology (MRVL.US)$ also gained 9.6% – rising partly in a rebound from Friday's sell-off, but also from word that emerged after Friday's close that the semiconductor-solutions firm will join the S&P 500 on June 22.

Stocks added to the S&P 500 typically rise on word of their upcoming inclusion, as S&P 500-based ETFs and mutual funds typically buy large blocks of a company's shares ahead of time.

Adding to the market's positive tone, oil prices rose only slightly on Monday despite a weekend rocket attack by Iran on Israel and an Israeli retaliatory strike against Iran.

The violence threatened to undo a fragile truce in the U.S.-Israel-Iran War.

However, $Crude Oil Futures (SEP6) (CLmain.US)$ were just 1% higher at $91.48 on the New York Mercantile Exchange at last check after trading as much as 5.4% higher earlier Monday. Prices stabilized after Iran announced that it was suspending attacks on Israel for the time being.

Meanwhile, cryptocurrencies rose Monday in a rebound from their own big sell-off last Friday.

$Bitcoin (BTC.CC)$ was trading 3.1% higher at $63,230.24 as of about 4:15 p.m. New York time after trading as low as $59,108.92 on some exchanges Friday – its weakest level since October 2024.

Other cryptos to rebound on Monday as of about 4:15 p.m. New York time included $Ethereum (ETH.CC)$ (up 4.5% at $1,682.93),$Solana (SOL.CC)$(5% better at $67.10) and $Ripple (XRP.CC)$(which added 4.2% to $1.17).

Moo-vers

Interestingly, the "Magnificent Seven" stocks – which all fell on Friday in line with the broad market's decline – didn't generally participate in Monday's rebound.

Five of the Mag-7 stocks fell even further on Monday – $Apple (AAPL.US)$(off 1.9%), $Alphabet-A (GOOGL.US)$ (1.4% lower), $Meta Platforms (META.US)$ (down 1.3%), $Microsoft (MSFT.US)$ (1.2% weaker) and $Amazon (AMZN.US)$ (which shed 0.3%).

In fact, the only Mag-7 stocks to rise included $Tesla (TSLA.US)$with its aforementioned 4.6% gain, and $NVIDIA (NVDA.US)$ (which added 1.7%).

Elsewhere on Wall Street, Monday's noteworthy percentage gainers included:

-- $Cerebras Systems (CBRS.US)$, up 18.3%. The AI-infrastructure firm, which went public on May 14 at $185 a share and briefly shot up 108.8% intraday in its first session – rallied Monday after several analysts initiated covering the stock with "Buy" or buy-equivalent ratings.

-- Certain crypto-related stocks, which rose on cryptocurrencies' Monday rebound. Gainers included $Coinbase (COIN.US)$ (up 6.4%), $Bitmine Immersion Technologies (BMNR.US)$ (6% stronger), $Strategy (MSTR.US)$ (which added 5.6%), $Robinhood (HOOD.US)$ (3.1% better) and $Circle (CRCL.US)$ (2.8% firmer).

-- $Corning (GLW.US)$, which rose 5.4% on a deal to make fiberoptic cables and other material for data centers owned by Amazon. Fellow optical-networking firm $Lumentum (LITE.US)$ gained 3.7% in apparent sympathy, while $Applied Optoelectronics (AAOI.US)$ added an aforementioned 11.1% partly in sympathy and partly in a rebound from Friday's tech sell-off.

Conversely, Monday's major percentage losers included:

-- $Solidion Technology (STI.US)$, down 19%. The battery-technology company fell in part on word that it's selling $35 million of new stock through a private placement, which will presumably dilute existing shareholders. STI also gave back part of a 600%+ gain that it saw last week on news of a patent for a battery that the firm said can work in space for applications like future orbiting data centers.

Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal.

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