Wall Street opened higher on Monday, with the tech-heavy Nasdaq Composite gaining 0.8% as artificial intelligence stocks rebounded, according to Business Today. The S&P 500 rose 0.4%, and the Dow Jones Industrial Average added 85 points, or 0.2%, as of 9:35 am Eastern Time. Investors returned to the AI sector after recent volatility, while also assessing a planned mega share sale by South Korean chipmaker SK Hynix and an increase in oil output by OPEC+.
AI Stocks Lead Rebound
Chipmakers and AI-linked companies led the gains. Broadcom climbed 5.7% after falling more than 2% in each of the previous two trading sessions, Business Today reported. Micron Technology advanced 2.8%, helping lift the broader technology sector. AI-related stocks have witnessed sharp swings in recent weeks as investors reassess whether massive spending on AI chips, infrastructure, and data centres will generate returns sufficient to justify soaring valuations.
| Index/Stock | Change | Key Driver |
|---|---|---|
| S&P 500 | +0.4% | Broad gains |
| Nasdaq Composite | +0.8% | AI stock rebound |
| Dow Jones Industrial Average | +0.2% (+85 pts) | Mixed |
| Broadcom | +5.7% | Rebound after two-day decline |
| Micron Technology | +2.8% | AI demand |
| SpaceX | +2.4% | Nasdaq 100 inclusion |
| TeraWulf | +16.9% | Anthropic data center deal |
SK Hynix Mega US Listing
Investor appetite for the sector is expected to face another test later this week when SK Hynix plans to raise $28 billion through a US listing on the Nasdaq, according to Business Today. The offering would rank among the largest ever in the United States, following SpaceX's $75 billion initial public offering last month. Shares of SK Hynix, which have more than tripled this year amid the AI rally, have also seen heightened volatility. The stock fell 14.6% in Seoul on Thursday after a prolonged run-up.
SpaceX and TeraWulf Surge
SpaceX, which owns AI company xAI, rose 2.4% ahead of its scheduled inclusion in the Nasdaq 100 index, Business Today reported. The addition is expected to trigger purchases by index-tracking funds. Among other AI-related stocks, TeraWulf surged 16.9% after announcing a 20-year agreement with Anthropic to provide data centre capacity in Kentucky. The company said the deal is expected to generate approximately $19 billion and supports its transition from bitcoin mining to high-performance computing.
Commodities and Treasury Yields
In commodities, oil prices edged lower after OPEC+ agreed to increase production by a combined 188,000 barrels per day in August, marking the fifth consecutive monthly output hike by the producer group, according to Business Today. Brent crude slipped 0.1% to $72.07 a barrel. US Treasury yields also eased, with the benchmark 10-year yield falling to 4.47% from 4.49% before Friday's Independence Day market holiday.
Global Markets Mixed
European and most Asian equity markets traded lower, although Hong Kong's Hang Seng Index bucked the trend with a 1.1% gain, Business Today reported. The session highlights renewed investor appetite for AI but also looming supply events such as SK Hynix's listing and OPEC+ output hike, which could influence market direction in the coming weeks.
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