S&P 500 and Nasdaq Hit Record Highs as Chipmakers Surge


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The S&P 500 and Nasdaq Composite closed at record highs again on Monday, driven by the strong performance of several chipmakers. The S&P 500 added 0.1% to finish at an all-time high for the third consecutive session, while the Nasdaq rose 0.3%, extending its winning streak to five straight sessions. The Dow Jones Industrial Average ended the day down 0.1%.

Chipmakers that saw significant gains included Intel (INTC), Broadcom (AVGO), Marvell Technology (MRVL), Advanced Micro Devices (AMD), and Super Micro Computer (SMCI). This surge was fueled by optimism that the Federal Reserve might cut its benchmark interest rate, following encouraging jobs data released on Friday.

Investors are closely watching for more information on the Fed’s timetable, with Federal Reserve Chair Jerome Powell set to testify before Congressional committees on Tuesday and Wednesday. Additionally, the first readings on June inflation, due later in the week, will provide further indications of whether price pressures have continued to moderate. Fed officials have emphasized the need for more evidence that inflation is under control before moving to cut the benchmark federal funds rate.

The yield on 10-year Treasurys inched up to around 4.28%, after falling last week as investors speculated that interest rates would be cut.

Biggest S&P Movers on Monday


  • Corning (GLW): Shares soared 12%, the top performer among S&P 500 stocks, after the company boosted its guidance for the current quarter, citing high demand for its optical connectivity products used in AI applications.
  • Super Micro Computer (SMCI): Shares jumped 6.2%, driven by investor interest in AI-related stocks. The company is well-positioned in the AI server market, with its modular design capabilities offering flexibility in system customization and scaling.
  • Intel (INTC): Shares were up 6.2% following an analyst report suggesting the semiconductor giant could catch up with its tech sector peers. The report highlighted potential benefits from Intel chips being included in Microsoft’s new AI-enabled PCs. AMD shares rose 4% on similar expectations.


  • Paramount Global (PARA): Shares fell 5.3% after the company agreed to a merger with Skydance Media, ending months of negotiations that had caused significant stock fluctuations. Skydance founder David Ellison will become CEO of the merged entity.
  • Etsy (ETSY): Shares dropped 5.3% after the company announced it would restrict certain product sales and raised concerns about slower consumer discretionary spending affecting growth.
  • Chipotle Mexican Grill (CMG): Shares slipped 5.2%, following volatility since the company’s recent 50-for-1 stock split. Criticism over portion sizes and a Wells Fargo study highlighting sizing inconsistencies also contributed to the decline.
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