Summary
- U.S. stocks ended mixed, with the Nasdaq and the S&P 500 rising as semiconductor shares staged a sharp rebound.
- The Philadelphia Semiconductor Index (SOX), Micron Technology, and Intel posted strong gains, while Apple fell.
- Easing Middle East tensions helped revive appetite for risk assets, but rising U.S. Treasury yields and expectations for the FOMC to hold rates steady, along with the possibility of a 0.25 percentage-point rate increase in December, remained in focus.
Forecast Trend Report by Period
U.S. stocks ended mixed on June 8, with semiconductor shares rebounding sharply while the Dow Jones Industrial Average edged lower.
The Dow fell 80.77 points, or 0.16%, to 50,786.01. The S&P 500 rose 21.99 points, or 0.30%, to 7,405.73. The tech-heavy Nasdaq Composite gained 220.23 points, or 0.86%, to 25,929.66.
Bargain hunting in semiconductor shares, which had plunged over the weekend, helped lift the broader market. The Philadelphia Semiconductor Index, or SOX, surged 5.61%.
Micron Technology jumped 9.87%. Intel also rallied after a report said Google could outsource production of next-generation tensor processing units, or TPUs, for artificial intelligence to the company.
Apple declined after unveiling Siri with enhanced AI features at its annual Worldwide Developers Conference, or WWDC. The stock failed to gain momentum as investors viewed the update as little more than a transplant of existing AI models into Siri.
Easing tensions in the Middle East also supported investor sentiment. Risk appetite recovered somewhat after reports said Israel and Iran, which had exchanged attacks over the weekend, agreed to stop further strikes. International oil prices had risen more than 5% intraday on the conflict, but trimmed gains after the halt was announced.
Treasury yields, however, moved higher. The yield on the 10-year U.S. Treasury stood at 4.56%, up 0.03 percentage point from the previous session.
The CME FedWatch Tool showed a 98.1% probability that the Federal Reserve will leave interest rates unchanged at its scheduled Federal Open Market Committee meeting on June 17. For the December meeting, however, markets were leaning toward a 0.25 percentage-point rate increase.
Han Kyung-woo, Hankyung.com reporter case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
