US markets extend rally; NASDAQ soars over 400 points; Intel, AMD, Micron surge up to 9% as crude oil and yields drop

The US stock market extended the gains from Friday on Monday as investors reassessed the risks after the Federal Reserve hiked the interest rate by 25 bps. Meanwhile, crude oil prices showed a sharp pullback on Monday, declining nearly 3%.

The tech-heavy Nasdaq 100 index surged over 400 points or 1.3% amid a sharp rally in the chip stocks. Similarly, the Dow Jones and the S&P 500 surged as much as 0.7% on Monday. The US 10Y yields also staged a pullback below 5% on Monday, alleviating some fears of higher interest rates.

Among the semiconductor stocks, shares of major chip makers like Intel Corporation (+9%), Advanced Micro Devices (+8%), Qualcomm (+3%), Micron (+2.6%), and Marvell Technology (+2.5%) were top index movers for NASDAQ 100, which rose over 1.4% on Monday.

Meanwhile, the Accenture Plc shares were in prime focus after it announced a deal with Anthropic AI to build embedded evaluators in AI models. The shares jumped over 6.7% on Monday to hit an intraday high of $193.7 apiece on the NYSE.

Among the megacap stocks, Meta Platforms surged over 7.4% on receiving a positive response to its new Muse AI agent. Additionally, shares of Alphabet Inc., Amazon Inc., and Space Exploration Technologies surged as much as 2% in Monday’s regular trading session.

Crude oil futures extended the pullback for the fourth consecutive session as traders focused on diplomatic efforts to de-escalate tensions between the US and Iran. The WTI crude oil futures traded fell 3.4% at $92 per barrel, while the Brent crude oil futures fell 2.4% near $100 per barrel on Monday.

Lower crude oil prices and Treasury yields led to a strong rally in the Asian and European markets. The major European indices like CAC 40, DAX, FTSE, and Euro Stoxx surged as much as 1.2% on Monday, following the strong gains in the Asian indices like Nikkei, Kospi, Hang Seng, and NIFTY50, which rallied over 1.6%.