Market Overview

Chip stocks bolstered $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ to new record highs. $NVIDIA(NVDA.US)$ fell over 3% intraday before rebounding near record highs. $Advanced Micro Devices(AMD.US)$ dropped more than 4%, while $Taiwan Semiconductor(TSM.US)$ , $Broadcom(AVGO.US)$ , $Applied Materials(AMAT.US)$, and $Micron Technology(MU.US)$ hit new highs. $Apple(AAPL.US)$ fell nearly 2% on the first day of WWDC. $CrowdStrike(CRWD.US)$, $KKR & Co(KKR.US)$, and $GoDaddy(GDDY.US)$, set to join the S&P, reached new highs. $GameStop(GME.US)$ dropped 12%, continuing a streak of double-digit losses.

European elections caused significant market disruptions, leading to declines in European stocks, bonds, and the euro, which hit a four-week low. The dollar index reached a four-week high. An unexpected early French election led to a more than 2% drop in the French stock index and a rise of over 10 basis points in the 10-year French bond yield, the highest this year.

Oil prices rebounded to a more than one-week high, with U.S. oil closing up nearly 3%, marking the biggest gain in four months. Gold moved away from a one-month low. Zinc rose 3%, while copper gained over 1%, moving off two-month and six-week lows, respectively.