Wall Street Rallies as Tech Leads Asia Rebound Hopes
Rendy Andriyanto
Gotrade Team
Reviewed by Gotrade Internal Analyst
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Gotrade News - Wall Street closed higher on Monday as technology stocks rebounded sharply from the prior week's steep selloff. The S&P 500 rose 0.30% to 7,405.73 while the Nasdaq jumped 0.86% to 25,929.66.
The rally was driven by bargain-hunting in semiconductors after recent declines battered the sector. Strong gains across chipmakers lifted broader sentiment despite ongoing Middle East tensions.
Key Takeaways
The S&P 500 climbed 0.30% to 7,405.73 and the Nasdaq rose 0.86%, while the Dow slipped 0.16%.
The Philadelphia Semiconductor Index surged 5.6%, led by an 11.2% jump in Intel shares.
Asian markets are set to rebound, with Tokyo futures pointing to gains exceeding 2%.
The Dow Jones bucked the trend, edging down 0.16% to 50,786.01. The technology sector of the S&P 500 advanced 1.5% as investors returned to oversold names.
According to kumparanBISNIS, the Philadelphia Semiconductor Index soared 5.6% during the session. The rebound marked a sharp reversal after the previous week's heavy losses in the group.
Intel (INTC) led individual gainers with an 11.2% surge on Monday. The move followed a report that Google had ordered more than 3 million TPUs for delivery in 2028.
Marvell (MRVL) climbed 9.6% on news of its inclusion in the S&P 500 index. Broadcom added 2.8%, extending the broad recovery across chip names.
"Today seemed to be when investors did some bargain hunting after the big sell-off in tech stocks," said Rick Meckler of Cherry Lane Investments. His comment captured the dip-buying mood that defined the trading day.
Crude oil prices firmed as geopolitical risk lingered in the background, even as equities advanced. WTI rose 0.84% to USD 91.30 a barrel while Brent gained 1.25% to USD 94.25.
As reported by Katadata, US fundamentals continued to support equities. William Northey of US Bank Asset Management said domestic strength outweighs Middle East risks for now.
Strong consumption and corporate spending remain key pillars of the bull case. Northey argued these factors currently overshadow the regional conflict's market impact.
Not all observers shared the optimism heading into the session. Callie Cox of Ritholtz Wealth Management warned that mega-IPOs like SpaceX's upcoming offering often signal peak market euphoria.
Asian Markets Set to Rebound
Per Bloomberg Technoz, Asian markets are poised to recover after their deepest losses since March. Tokyo futures pointed to gains exceeding 2% following Wall Street's advance.
The Nikkei 225 had tumbled nearly 4% on Monday before the overnight turnaround. The expected rebound tracks the renewed appetite for semiconductor shares globally.
NVIDIA (NVDA) and Micron led the chip-sector recovery during US trading. Crude prices stabilized after the Iran-Israel ceasefire commitment eased supply fears.
The session signaled that investors remain willing to buy weakness in high-growth technology. Whether the rebound holds will depend on incoming data and geopolitical developments.
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