(Adds market details after close of trading)
* Tech shares lead gains following Friday's selloff
* Apple ( AAPL ) rolls out new AI-powered Siri
* Iran and Israel halt attacks
* Indexes: Dow down 0.2%; S&P 500 up 0.3%; Nasdaq up 0.9%
By Caroline Valetkevitch and Sruthi Shankar
June 8 (Reuters) - U.S. stocks ended mostly higher on
Monday, led by gains in the Nasdaq and chipmakers as investors
sought bargains after Friday's sharp selloff.
Investors were also relieved after Iran and Israel said they had
halted attacks on each other. The halt followed an appeal from
U.S. President Donald Trump that they immediately "stop
shooting." The attacks over 24 hours were the most direct
confrontation between Iran and Israel since an April ceasefire
in the war.
The Dow ended lower and stocks overall closed off the day's
highs. Apple ( AAPL ) shares eased late and finished 1.9% lower
even as the company unveiled a series of AI upgrades to Siri.
S&P 500 technology led sector advancers, rising 1.5%,
and the Philadelphia SE Semiconductor Index jumped 5.6%,
rebounding from Friday's losses that wiped out $1 trillion in
market value for U.S.-listed chipmakers.
Also, Intel ( INTC ) shares gained 11.2% after news website the
Information reported that Alphabet's Google had placed
an order to manufacture more than 3 million tensor processing
units in 2028.
"Today looks like a day where investors are doing a little
bit of bargain hunting off the big tech selloff," said Rick
Meckler, partner at Cherry Lane Investments, a family investment
office in New Vernon, New Jersey. "What normally happens after
that is you get analysts coming in and reiterating buys."
He added: "This market has been priced for quite a while for
perfection, and these are certainly imperfect times. In that
environment, you are going to see some back-and-forth, and some
fear of prices having gone too far."
Stocks sold off on Friday after hitting a series of record highs
recently. Underwhelming results from chipmaker Broadcom ( AVGO )
last week had raised concerns that the chip sector was growing
too fast, while much stronger than expected jobs data for May
contributed to Friday's rout, as traders priced in interest rate
increases this year. Broadcom ( AVGO ) gained 2.8%.
The Dow Jones Industrial Average fell 80.77 points,
or 0.16%, to 50,786.01, the S&P 500 gained 21.99 points,
or 0.30%, to 7,405.73 and the Nasdaq Composite gained
220.23 points, or 0.86%, to 25,929.66.
Apple ( AAPL ) announced the Siri revamp at its annual Worldwide
Developers Conference at its Cupertino, California,
headquarters.
Investors may be having a "sell-on-the-news" response, said
Bruce Zaro, managing director at Granite Wealth Management in
Plymouth, Massachusetts.
"Perception has been for quite some time that Apple ( AAPL ) had been
behind the curve as far as their AI offerings. That's why the
stock widely underperformed many of the other big techs for some
time until recently," he said.
SpaceX's initial public offering on Friday could also
prove a major test for U.S. stock markets, with investors wary
of possible overexuberance.
Other big tech advancers included Marvell Technology ( MRVL ),
which jumped 9.6% as the chipmaker was set to join the benchmark
S&P 500 before the start of trading on June 22.
Eli Lilly ( LLY ) gained 1.6% after the drugmaker's trial
results showed its next-generation obesity drug, retatrutide,
curbed sleep apnea severity in addition to boosting weight loss
and helping knee pain.
Declining issues outnumbered advancers by a 1.01-to-1 ratio
on the New York Stock Exchange. There were 129 new highs and 162
new lows on the NYSE. On the Nasdaq, 2,746 stocks rose and 2,142
fell as advancing issues outnumbered decliners by a 1.28-to-1
ratio.
The S&P 500 posted 13 new 52-week highs and 7 new lows while
the Nasdaq Composite recorded 105 new highs and 164 new lows.
Volume on U.S. exchanges was 19.50 billion shares, compared
with the roughly 20.3 billion average for the full session over
the last 20 trading days.