Micron and Marvell lead gains as chipmakers recover from Friday’s sell-off amid Fed rate hike concerns.
Semiconductor stocks extended gains for a second consecutive session, with Micron Technology (MU) rising 4% and Marvell Technology (MRVL) advancing. The rebound follows Friday’s broad market sell-off, driven by fears of Federal Reserve rate hikes to curb inflation.
The sector’s recovery comes ahead of Wednesday’s Consumer Price Index report, which could influence the Fed’s June policy decision. Semiconductors have been key drivers of the AI-led market rally this year, with Micron surpassing a $1 trillion market cap last month.
Marvell’s inclusion in the S&P 500 index, effective June 22, also fueled its stock surge. Samsung Electronics (005930.KS) and SK Hynix (000660.KS) mirrored the gains, both having crossed the $1 trillion threshold recently.