Wall Street Rises Over 0.8% as Chip Stocks Rebound 4.5%
Updated
Updated · Detroit News · Jun 11
Wall Street Rises Over 0.8% as Chip Stocks Rebound 4.5%
3 articles · Updated · Detroit News · Jun 11
Summary
By 9:56 a.m. ET, the Dow had climbed 450 points, the S&P 500 0.81% and the Nasdaq 1.07%, extending an early rebound after Wednesday’s tech-led slide.
Intel surged 10% and the Philadelphia Semiconductor index jumped 4.5% as investors bought beaten-down chip and technology names that had pushed tech into correction territory.
Oracle sank 12.5% after flagging heavier fiscal 2027 capital spending, dragging software shares down 2.2% even as 10 of 11 S&P sectors traded higher.
Trump’s warning that Washington would hit Iran “very hard tonight” and move on its oil and gas infrastructure kept oil prices firm, while May producer prices rose more than expected.
The Fed is still expected to hold rates next week, but markets now price in at least one 25-basis-point hike this year as the Middle East war adds to inflation and growth risks.