Wall Street is set for a modestly higher open Tuesday (June 9), with S&P 500 and Nasdaq-100 futures trading around 7,438 and 29,630 respectively — up 0.3% and 0.6% from Monday's close.
The positive tone is driven by a broad semiconductor recovery that accelerated on Monday. The Philadelphia Semiconductor Index (SOX) surged 4.6%, erasing a significant portion of Friday's sharp sell-off.
Chip Stocks in Focus
Intel (INTC) jumped roughly 11% on Monday after reports that Alphabet/Google had contracted Intel's foundry to manufacture over 3 million custom AI chips starting in 2028. Nvidia and Tesla are also reportedly evaluating Intel's advanced 18A process technology, lending further credibility to the chipmaker's IDM 2.0 turnaround strategy.
Micron (MU) added 9-10%, supported by strong demand for high-bandwidth memory (HBM) chips for AI workloads. The company reports fiscal Q3 earnings on June 24.
OpenAI Takes a Step Toward Public Markets
On Monday, OpenAI announced it had confidentially submitted a draft S-1 registration statement to the SEC. The company emphasized it has not made a final decision on timing: "It may be a while because there are things we want to do that are likely easier as a private company."
The confidential filing follows months of preparation with banks including Goldman Sachs and Morgan Stanley. OpenAI's most recent private valuation was around $852 billion, with some reports suggesting a potential trillion-dollar IPO down the line.
Economic Data Ahead
Today's calendar includes the NFIB Small Business Optimism Index for May (expected 96.1, vs. 95.9 in April) and U.S. trade balance data for April. No major inflation releases are scheduled — the CPI report comes later in the week.
In commodities, WTI crude traded around $90/barrel, down about 1.2% as Middle East tensions ease. Gold held near $4,330/oz, modestly higher.
The Bottom Line
The market continues to oscillate between geopolitical concerns and AI-driven enthusiasm. The semiconductor rebound and OpenAI's IPO filing serve as reminders that the dominant 2026 narrative — AI infrastructure spending — remains intact, even when prices take a breather.
