US stocks entered the new week mostly higher after Friday’s sharp sell-off. Investors used lower prices as an opportunity to buy, especially in the technology sector, while sentiment was also supported by easing geopolitical tensions in the Middle East following reports that mutual attacks between Iran and Israel had stopped.
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Tech stocks led the market, while the Dow gave up its gains
The Dow Jones Industrial Average eventually fell by 80.77 points, or 0.16%, to 50,786.01. The broader S&P 500 gained 21.99 points, or 0.3%, to 7,405.73, while the tech-heavy Nasdaq rose by 220.23 points, or 0.86%, to 25,929.66.
Technology stocks performed the best, particularly the semiconductor sector, which recovered strongly from previous losses. Intel shares rose notably after The Information reported that the company had secured a major chip order from Google, part of Alphabet. Marvell Technology also gained, as the company is set to join the S&P 500 later this month.
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Investors watch the Fed, Apple and a weaker dollar
The market partly reversed losses from the end of the previous week, when stocks declined after a series of record highs and weaker results from some technology companies. Sentiment, however, remains sensitive to expectations around interest rates, as new macroeconomic data strengthened the view that the US Federal Reserve may keep tighter monetary policy in place for longer than previously expected.
Attention also focused on Apple’s developer conference, where Tim Cook said the announcements would center on Apple Intelligence and Siri, although Apple shares slipped slightly. The US dollar weakened against a basket of currencies, with the dollar index falling 0.1% to 100.02 points, the euro rising to USD 1.1531 and the dollar declining against the yen to JPY 160.21.
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Source: ČTK
