All three major New York stock indices bounced back on Monday.
The rebound came amid reports that Iran is seeking negotiations, despite the ongoing airstrikes that began on June 13 when Israel launched missiles and drones at Iran.
M7 big tech stocks surged across the board, driving the market’s upward trend.
S&P 500 Reclaims 6000 Mark in Single Day
The three major indices staged a swift comeback within one trading session.
The Dow Jones Industrial Average closed up 317.30 points (0.75%) at 42,515.09, while the S&P 500 gained 56.14 points (0.94%) to finish at 6,033.11.
The S&P 500 quickly reclaimed the 6000 level it had fallen below on June 13.
The Nasdaq surged 294.39 points (1.52%) to close at 19,701.21.
The CBOE Volatility Index (VIX), often called Wall Street’s fear gauge, plummeted 1.71 points (8.21%) to 19.11.
After breaking through the psychological threshold of 20 following Israel’s airstrikes on Iran and Iran’s retaliation, the VIX retreated below 20 within a single trading day.
M7 Stocks Rally Across the Board
The M7 stocks all posted gains, spearheading the market’s upward momentum.
Tesla closed up 3.82 USD (1.17%) at 329.13 USD, while Nvidia finished at 144.69 USD, gaining 2.72 USD (1.92%).
Apple rose by 1.97 USD (1.00%) to 198.42 USD, and Microsoft (MS) increased by 4.18 USD (0.88%) to 479.14 USD.
Palantir, a software company popular among South Korean investors but not part of the M7, reached a new all-time high. The stock soared 4.01 USD (2.92%) to 141.41 USD.
Quantum Computing Stocks Skyrocket
Quantum computing startups also experienced significant gains.
Investor sentiment improved due to ceasefire hopes between Israel and Iran, while Nvidia CEO Jensen Huang’s optimistic outlook reignited interest in these stocks.
Quantum Computing Inc. surged 4.54 USD (27.22%) to 21.22 USD, while Rigetti Computing jumped 0.76 USD (6.67%) to 12.16 USD.
D-Wave Systems increased by 0.83 USD (5.47%) to 16.00 USD, and IonQ closed up 0.59 USD (1.56%) at 38.43 USD.
Boeing and U.S. Steel Make Gains
Despite renewed challenges following the crash of an Air India Boeing 787 Dreamliner that left only one survivor out of 242 passengers, Boeing’s stock rose 1.38 USD (0.69%) to close at 201.70 USD.
Investors showed confidence in Boeing even as the company reportedly lost orders to Airbus at the Paris Air Show in the wake of the Air India incident.
U.S. Steel surged following U.S. President Donald Trump’s merger approval.
U.S. Steel closed up 2.66 USD (5.10%) at 54.85 USD.
After the market closed on June 13, Trump signed an executive order approving Nippon Steel’s acquisition of U.S. Steel. Both companies agreed to cooperate with the U.S. government on national security, with the government retaining a golden share, before receiving merger approval.
