Major indices are supported by a solid rebound across semiconductor stocks this afternoon, sending the S&P 500 and Nasdaq higher, while the Dow Jones holds a modest loss.

During the weekend, Nvidia (NVDA) CEO reportedly said that last week’s selloff in Technology (XLK) stocks presented a buying opportunity. This has lifted sentiment to the market with investors buying-the-dip across AI-related and semiconductor names.

Technology (XLK) is holding the widest gains with Apple (AAPL) trading higher as the Street awaits the start of its Woldwide Developers Conference. The Utilities (XLU) sector has the widest loss, as defensive sectors lag, while Communication Services is the second worst performing sector with Alphabet (GOOG/L) and Meta Platforms (META) extending their recent weakness.

On the economic front, the May New York Fed median inflation expectations eased driven by lower gas prices.

• 1-year lowered to 3.46% from 3.64%
• 3-year decreased to 3.13% from 3.15%

Notably, the probability of finding a job in the next 3 months rolled sharply lower in May and is sitting near the lows.