U.S. stock indexes settled mixed on Monday, with the S&P 500 Index (NASDAQ: SPY) closing up +0.30% and the Nasdaq 100 Index (NASDAQ: QQQ) gaining +1.58%.
The Dow Jones Industrial Average (DIA) bucked the broader trend, closing down -0.16%, weighed down by a decline in Apple (NASDAQ: AAPL), which fell more than -1% after investors responded tepidly to the company’s next generation of its artificial intelligence platform.
Renewed enthusiasm for artificial intelligence drove chipmakers and AI-infrastructure stocks higher, providing the primary engine of Monday’s market recovery after last Friday’s broad selloff.
Intel (NASDAQ: INTC) led all gainers in both the S&P 500 and Nasdaq 100, closing up more than +11% after the Information reported that Google placed an order with Intel to manufacture three million Tensor Processing Units in 2028.
KLA Corp (NASDAQ: KLAC) closed up more than +9%, while Micron Technology (NASDAQ: MU) and Applied Materials (NASDAQ: AMAT) each closed up more than +8%, adding further momentum to the semiconductor sector’s rebound.
ASML Holding NV (NASDAQ: ASML) and Lam Research (NASDAQ: LRCX) closed up more than +6%, and Advanced Micro Devices (NASDAQ: AMD) closed up more than +4%, reflecting broad strength across the chip supply chain.
Crude oil prices initially surged more than +4% after Israel struck several military targets in Iran, retaliating against missile attacks, while Iran’s Tasnim News Agency reported that Iran said it is prepared for a long-term war with Israel and for strikes on American interests.
Oil prices gave back the majority of those gains after Iran signaled an end to its current military operations, and President Trump said the two sides were looking to agree to an immediate ceasefire.
Cryptocurrency-exposed stocks also rallied as Bitcoin rose more than +2%, with Galaxy Digital Holdings (NASDAQ: GLXY) closing up more than +20% and MARA Holdings (NASDAQ: MARA) closing up more than +11%.
Cerebras Systems (NASDAQ: CBRS) surged more than +18% after Wedbush initiated coverage with a recommendation of outperform and a price target of $270.
Marvell Technology (NASDAQ: MRVL) closed up more than +9% after S&P Dow Jones Indices announced the company will replace Pool Corp in the S&P 500 before the market opening on June 22.
Nurix Therapeutics (NASDAQ: NRIX) gained more than +6% after Roche agreed to pay the company as much as $2.3 billion for rights to an experimental blood-cancer drug.
On the downside, Wix.com (NASDAQ: WIX) closed down more than -7% after the company said it expects an approximately $50 million reduction in bookings in 2026 due to a new organizational realignment program and a more pronounced slowdown in the growth of its Partners business.
In the bond market, the 10-year T-note yield rose +1.8 basis points to 4.548%, pressured by last Friday’s stronger-than-expected U.S. May nonfarm payrolls data and a sharp upside revision to April figures, fueling speculation the Fed’s next move could be a rate hike.
Markets are currently pricing in a 3% chance of a +25 basis point rate hike at the FOMC meeting scheduled for June 16-17, while swaps are pricing in a 100% chance of a +25 basis point ECB rate hike at its next policy meeting on Thursday.
