Markets opened higher on Monday, June 8, led by a sharp rebound in technology stocks. The Nasdaq Composite gained 1.76%, while the Philadelphia Semiconductor Index surged 6.7% — recovering some of the over $1 trillion erased from chip stocks on Friday.
The Day in Markets
Intel (INTC) jumped approximately 12% following a report from The Information that Alphabet's Google placed an order for more than 3 million AI chip units (TPUs) to be manufactured at Intel's foundries for delivery in 2028. The win is a major validation of Intel's foundry push, coming after months of qualification testing by Google. The news was the single biggest catalyst in the chip space on an otherwise recovery-driven day.
Marvell Technology (MRVL) added roughly 14% after being named as a new addition to the S&P 500 index, effective June 22. Marvell, which has surged over 285% in the past year on AI infrastructure demand, will replace Pool Corp alongside Flex replacing Campbell's.
Eli Lilly (LLY) continued its upward trend after new data on retatrutide was presented at the ADA scientific sessions. The triple-agonist drug showed a 60.6% reduction in sleep apnea severity alongside the previously reported average 28.3% body weight loss — positioning it as a potential next-generation blockbuster in the GLP-1 class.
Quarterly Earnings
Campbell's (CPB) reported fiscal Q3 2026 results. Revenue came in at $2.366 billion, down 4% year-over-year and slightly below analyst estimates of ~$2.39 billion. However, adjusted EPS of $0.50 beat the consensus of $0.48. The company reaffirmed its full-year guidance despite cost pressures and cautious consumer spending.
Vail Resorts (MTN) is expected to report after the market close. Q3 is typically the company's strongest quarter due to peak ski season. Consensus estimates call for EPS of approximately $9.05 on revenue of $1.21 billion. The company had previously warned that skier visits were down 14.9% season-to-date through mid-April.
IPO Spotlight: Size Matters
The biggest story of the week is SpaceX (ticker: SPCX), currently in the middle of its roadshow ahead of pricing on June 11 and trading debut on June 12 on the Nasdaq. The company plans to raise approximately $75 billion at $135 per share, implying a valuation of roughly $1.77 trillion — the largest IPO in history, roughly three times the prior record set by Saudi Aramco. The public float will be small, representing about 4% of total shares.
Smaller deals in the pipeline include Parabilis Medicines (expected $17-19 range), ERock Inc. (around $600 million valuation), and WhiteHawk Income (nearly $180 million).
On the S-1 front: Anthropic filed a confidential S-1 registration statement with the SEC last month. The filing follows a $65 billion Series H round at a $965 billion post-money valuation, and the public market valuation could potentially cross the $1 trillion mark.
The Bottom Line
Monday's session delivered an impressive technical rebound led by semis, a mixed earnings report from Campbell's, anticipation of solid numbers from Vail Resorts, and building momentum around the two mega-IPOs of SpaceX and Anthropic. Investors now turn their attention to this week's inflation data — CPI on Wednesday and PPI on Thursday.
