Nasdaq Today Jumps 0.9% as Micron, Nvidia Lead Rebound
Nasdaq today jumped 0.9% as chip stocks bounced back from Friday’s 4% drop in the Nasdaq Composite. The Dow Jones Industrial Average rose 0.3% and the S&P 500 gained 0.6% early Monday, putting US stocks back in the green after a sell-off that had ended the S&P 500’s nine-week winning streak.
Micron and Nvidia Lead
Micron rose 9% at the opening bell, while Nvidia added 2% as traders returned to semiconductor names. Jensen Huang said the tech rout could be an opportunity to buy into the AI trade, a line that matched the move back into the stocks that had been hit hardest on Friday.
That rebound mattered most for the names that had been treated as the market’s growth barometer. When Micron and Nvidia moved higher together, they pulled the Nasdaq Composite with them and narrowed some of the damage from the prior session’s retreat.
Oil and Rate Bets
Brent futures climbed as much 4% to almost $98 a barrel and West Texas Intermediate futures neared $95 a barrel after Iran fired missiles at Israel. The first direct exchange of blows between Israel and Iran since early April pushed oil higher and added another layer of pressure to a market already trading around rate-hike bets.
Those rate-hike bets were being repriced after a blowout May jobs report strengthened the case for the Federal Reserve to raise rates later this year. That left Monday’s equity rebound moving against a harder macro backdrop, with energy and policy expectations working in opposite directions on the screen.
Wednesday Data, Friday IPO
Investors now face the latest monthly Consumer Price Index on Wednesday and Oracle earnings on Wednesday, two checks on inflation and corporate demand landing on the same day. A likely SpaceX IPO is expected on Friday and is expected to be the largest public offering on record, giving traders one more high-profile event to digest after the chip-led bounce.
For now, the read-through is direct: Monday’s gains show buyers stepping back into semiconductors after Friday’s rout, but oil at $98 a barrel and a Fed repricing tied to the May jobs report keep the recovery from looking clean. If CPI lands hot on Wednesday, the same stocks that lifted the Nasdaq today may face the next test first.
