Nasdaq 100 Surges 1.58% as Chip Stocks Rebound, June 09

By Danny Kontos

June 9, 2026

05:31 PM

3 min read

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Key Points

Nasdaq 100 rallies 1.58% to 29,414.26 on chip stock recovery.

Micron up 5%, Qualcomm up 3% in early trading on June 8.

Oil falls below $90 on Iran-Israel ceasefire hopes.

Meyka rates index C+ with 12-month target of $25,699.47.

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The Nasdaq 100 index jumped 1.58% to 29,414.26 on June 9, 2026, as semiconductor stocks staged a strong comeback from last Friday’s collapse. Micron Technology and Qualcomm led the recovery after tumbling 13% and 11% respectively on June 6. Oil prices fell below $90 per barrel as geopolitical tensions eased, removing a key headwind for tech investors.

Chip Sector Bounces Back From Worst Week in Years

Semiconductor stocks rebounded sharply after the iShares Semiconductor ETF plunged 10% on Friday, its worst day in six years. Micron Technology climbed 5% in early trading on June 8, adding to a 10% gain on Monday. Qualcomm rose 3% in early trading, a second straight day of gains. The ETF itself recovered 6% on Monday and 2% on Tuesday as investors reassessed valuations after the sell-off.

Geopolitical Relief Lifts Market Sentiment

West Texas Intermediate crude futures shed nearly 2% to trade under $90 per barrel as President Donald Trump signaled a U.S.-Iran deal could be reached in two or three days. Iran halted military strikes against Israel on Monday, though tensions remain elevated. Oil prices pulled back on ceasefire hopes, reducing supply risk for energy-dependent sectors.

Asian Markets Follow Tech Recovery

Japan’s Nikkei 225 rebounded over 2% to 65,416.63 on June 8 after falling 3.85% on June 7. South Korea’s Kospi jumped 8.18% to 8,096.93, reversing Monday’s 8% plunge. Hong Kong’s Hang Seng edged 0.15% higher, while mainland China’s CSI 300 rose 1.87% to 4,801.81. Australia’s S&P/ASX 200 fell 0.24% to 8,604.2, bucking the regional rally.

Meyka’s Outlook on the Index

Meyka rates the Nasdaq 100 a C+ with a 12-month price target of $25,699.47, implying 12.6% downside from current levels. The RSI stands at 53.56, signaling neutral momentum, while the ADX at 35.57 shows a strong trend. The index trades above its 50-day average of $25,352.58 but faces resistance at the year high of $30,762.20.

Final Thoughts

The Nasdaq 100’s 1.58% gain reflects a genuine rebound in chip stocks and easing geopolitical risk, not a reversal of underlying concerns. Meyka’s C+ rating and 12.6% downside target suggest caution despite the bounce.

FAQs

Why did chip stocks fall so hard on Friday?

Investors took profits after rapid AI-driven semiconductor gains amid economic uncertainty, causing the iShares Semiconductor ETF to drop 10% in its worst day in six years.

What is driving the recovery in the Nasdaq 100?

Chip stocks rebounded as valuations reset and geopolitical tensions eased. Iran halted strikes on Israel, and oil fell below $90 on ceasefire hopes.

Is the Nasdaq 100 a buy at current levels?

Meyka rates it C+ with a 12-month target of $25,699.47, implying 12.6% downside. Valuation headwinds persist despite trading above the 50-day average.

Disclaimer:
The content shared by Meyka AI PTY LTD is solely for research and informational purposes. Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.

About Author

Danny Kontos

Co Founder

Danny Kontos has been a stock investor since 2007 and co-founded Meyka in 2023. He keeps a small, focused portfolio and only moves when the numbers are hard to argue with. He has waited years on a single position before. Before Meyka, he ran a web hosting company and a mortgage lending platform, so he knows what a well-run business actually looks like under the hood. This article did not come from a news cycle. It came from someone who has been watching this space for a long time.