Tech Stocks Bounce Back on Dip-Buying; Philadelphia Semiconductor Index Surges Over 6%

(Central News Agency, New York, 8th, Combined Foreign Reports) Wall Street's main indexes rebounded on Monday, with dip-buyers entering the market, driving stocks higher. Investor enthusiasm for artificial intelligence (AI) warmed up, and they are betting that a robust economy will continue to drive U.S. corporate earnings.

Last week, technology stocks experienced a wave of selling. The Philadelphia Semiconductor Index, composed of well-known companies like Nvidia and Micron Technology, recorded its worst single-day performance since the outbreak of the COVID-19 pandemic. Today, tech stocks led the counterattack, with the Philadelphia Semiconductor Index surging over 6%.

The return of risk appetite also pushed the S&P 500 index up more than 1% in early trading.

Broadcom, which triggered the sell-off in tech stocks last week, also turned positive today, with its early share price rising over 3%. Micron skyrocketed over 10%, Nvidia rose about 1.5%, AMD climbed over 5%, and TSMC's ADR rose about 4%.

According to Bloomberg, the stock market experienced a period of repeated record highs after a trough caused by war. After a brief pause in the rally, momentum-chasing investors have returned, and this bull market is expected to continue.

A team led by Morgan Stanley strategist Mike Wilson believes that the sell-off triggered by position adjustments on the previous trading day (the 5th) was a "healthy correction." They maintain a bullish outlook due to growing corporate earnings and resilient economic data.

They stated, "The stock market has risen in a straight line since its low in March, a pace that is rare. In our view, a correction is inevitable and healthy for this bull market to continue through the end of the year."

The strategists added that 8,000 points for the S&P 500 index remains their base case target.

Meanwhile, oil prices gave back some of their gains after Iranian media reported that Iran's armed forces announced the end of their military operation against Israel, bringing the day-long conflict between the two sides to a close.

Bitcoin rebounded after falling below the key $60,000 threshold. (Editor: Yang Zhaoyan) 1150608