Wall Street Holds Steadier Monday      06/08 15:23

   Wall Street held steadier Monday and recovered some of its sell-off from 
last week, as stocks swept up in the artificial-intelligence boom bounced back. 

   NEW YORK (AP) -- Wall Street held steadier Monday and recovered some of its 
sell-off from last week, as stocks swept up in the artificial-intelligence boom 
bounced back. Oil prices, meanwhile, rose following fighting between Israel and 
Iran, but they pared their biggest gains.

   The S&P 500 added 0.3%, coming off a drop of 2.6% from Friday that was its 
worst since October. The Dow Jones Industrial Average dipped 80 points, or 
0.2%, and the Nasdaq composite climbed 0.9%.

   Some of the best performers were companies that sell computer chips, memory 
and other products fueling the AI boom. They had plunged Friday amid worries 
that their prices had shot too high due to AI euphoria. Such worries dragged 
South Korea's Kospi index down 8.3% early Monday, pummeling tech stocks there 
like Samsung Electronics and SK Hynix.

   But prices recovered as trading moved westward through Europe to New York. 
Micron Technology rose 9.9% after sliding 13.3% Friday for the largest loss in 
the S&P 500. That resumed a run where its stock has more than tripled so far in 
2026.

   Marvell Technology climbed 9.6% in its first trading after S&P Dow Jones 
Indices said the semiconductor company's stock has grown enough to join its 
widely followed S&P 500 index. Marvell's stock has also more than tripled so 
far this year, aided by a 32.5% surge in one day last week. That was its best 
day since it began trading in 2000, and it came after Nvidia's CEO, Jensen 
Huang, suggested at a conference in Taiwan that Marvell could be "the next 
trillion-dollar company."

   That such a comment could add billions of dollars to a company's value in an 
instant suggests to critics that AI stocks are running too hot. Chip and memory 
companies are indeed reaping big growth in revenue and profit because of the AI 
boom, but their stock prices have been soaring at astounding speeds. A widely 
followed index of semiconductor stocks surged nearly 85% for the year so far 
through Thursday, for example.

   Now, the question is whether Friday's drop was the start of a downturn or 
just a pause that helps shake out excessive optimism.

   Michael Wilson, a strategist at Morgan Stanley, is relatively optimistic. 
"Markets rarely move in a straight line at the pace seen since the March lows," 
he wrote in a report. "In our view, a correction was inevitable and ultimately 
healthy if this bull market is going to extend into year-end" and pull the S&P 
500 to his baseline target of 8,000. That would be an 8.3% rise from Friday's 
close.

   Corning climbed 5.6% after Amazon announced a multibillion dollar deal where 
Corning will produce optical fiber, cable and other products for its data 
centers across the country.

   That helped offset a 0.9% dip for Campbell's, which reported a stronger 
profit for the latest quarter than analysts expected but also a worse decline 
in revenue. The company's stock is also set to drop out of the S&P 500 index 
when Marvell Technology's stock joins it.

   All told, the S&P 500 rose 21.99 points to 7,405.73. The Dow Jones 
Industrial Average dipped 80.77 to 50,786.01, and the Nasdaq composite gained 
220.23 to 25,929.66.

   In the oil market, prices jumped after Israel and Iran launched strikes 
against each other, threatening to drag the region back into full-scale war. 
The price for a barrel of Brent crude oil, the international standard, briefly 
topped $98 overnight.

   But it later regressed after Israel and Iran appeared to back away from 
further strikes. Brent's price settled at $94.25 per barrel, up 1.2% from 
Friday.

   High oil prices caused by the war with Iran have already sent inflation 
higher, which increases not only bills for households but also yields in the 
bond market. High yields worldwide recently have threatened to slow economies 
and undercut prices for stocks and all kinds of other investments.

   On Monday, Treasury yields ticked a bit higher following their jump on 
Friday. The yield on the 10-year Treasury edged up to 4.56% from 4.55%.

   In stock markets abroad, indexes edged lower Europe following sharp losses 
in Asia.

   Japan's Nikkei 225 dropped 3.8%, while stocks fell 1.7% in Shanghai and 1.2% 
in Hong Kong.