US Stocks Rise at Open as Dip Buyers Return to Chip Shares

U.S. stocks opened higher on June 8 as Iran's announcement that it would halt attacks on Israel eased an earlier surge in oil prices, while bargain hunting lifted semiconductor shares.

As of 10:14 a.m. Eastern time, the S&P 500 was up 0.7%, while the tech-heavy Nasdaq Composite had climbed 1.2%. The Dow Jones Industrial Average rose 0.2%.

Micron Technology, the memory-chip maker that had helped lead the recent rally before being hit by a selloff on Friday, June 5, jumped 7%. Nvidia gained 1%.

Intel surged 9% after The Information reported that Google had ordered more than 3 million of its custom AI chips from Intel for production through 2028. AMD rose 3.8% and Broadcom added 2%.

The Philadelphia Semiconductor Index, which tumbled 10% on Friday, rebounded 5.5% on June 8.

West Texas Intermediate crude futures rose nearly 5% early in the session, but by about 9:40 a.m. Eastern time were up 0.8% at just under $91 a barrel. Brent crude futures were also up less than 1% at $94.

As crude prices retreated, Treasury yields also turned lower. The yield on the 10-year Treasury note fell 2 basis points to 4.526%.

Oil prices had climbed earlier in the day amid fighting between Iran and Israel in the Middle East. The gains narrowed after President Donald Trump urged both sides to stop shooting and Iran announced it was suspending military operations against Israel. Israel had yet to issue an official response, leaving the outlook for negotiations unclear.

Bloomberg reported that Morgan Stanley strategists led by Mike Wilson described Friday's position-driven selloff in U.S. stocks as a "healthy reset." They said a pullback had been inevitable for the rally to extend through year-end, making the move ultimately constructive.

The strategists maintained their base-case year-end target of 8,000 for the S&P 500, citing earnings expectations and resilient economic data.

Callie Cox, chief market strategist at Ritholtz Wealth Management, told CNBC that U.S. stocks are confronting "the paradox of economic success." The labor market has rebounded, but the possibility of persistently high inflation is still weighing on investors.

This week, U.S. stocks face two major events: inflation data and SpaceX's initial public offering scheduled for Friday, June 12. The SpaceX listing is poised to be the largest IPO in history.

The Nasdaq Composite sank 4.2% on Friday, its steepest drop since April 2025, as investors locked in profits on concerns that semiconductor stocks had become overheated.

Kim Jung-a, contributing reporter at Hankyung.com, kja@hankyung.com