{"id":62853,"date":"2026-06-08T17:38:26","date_gmt":"2026-06-08T21:38:26","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-rebound-and-pharma-breakthroughs-drive-wall-street-as-emerging-markets-slump\/62853\/"},"modified":"2026-06-08T17:38:26","modified_gmt":"2026-06-08T21:38:26","slug":"tech-rebound-and-pharma-breakthroughs-drive-wall-street-as-emerging-markets-slump","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/tech-rebound-and-pharma-breakthroughs-drive-wall-street-as-emerging-markets-slump\/62853\/","title":{"rendered":"Tech Rebound and Pharma Breakthroughs Drive Wall Street as Emerging Markets Slump"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Nasdaq 100 gained 1.6%<\/strong> as investors aggressively bought the dip in semiconductor stocks like Nvidia and Micron following a sharp weekly selloff.<\/li>\n<li><strong>AstraZeneca\u2019s oral obesity pill, Elecoglipron,<\/strong> demonstrated a <strong>10.5% body weight loss<\/strong> in Phase 2 trials, clearing the path for an extensive Phase 3 program.<\/li>\n<li><strong>The MSCI Emerging Markets Index plunged 3.6%,<\/strong> marking its worst single-session performance since March due to a pause in the AI rally and hawkish U.S. interest rate expectations.<\/li>\n<li><strong>Gilead and Merck reported successful Phase 3 results<\/strong> for their once-weekly oral HIV treatment, meeting primary efficacy endpoints at Week 48.<\/li>\n<li><strong>Oil prices pared earlier gains<\/strong> on signs of de-escalation between Iran and Israel, supporting a bullish outlook for the <a href=\"https:\/\/stockmarketwatch.com\/indices\/sp500\/today\" data-internallinksmanager029f6b8e52c=\"3\" title=\"snp500 today\">S&amp;P 500<\/a> from major Wall Street strategists.<\/li>\n<\/ul>\n<p><strong>Chipmakers lead a significant Wall Street recovery<\/strong> as investors returned to artificial intelligence-related stocks following last week\u2019s volatility. The tech-heavy Nasdaq 100 climbed <strong>1.6%<\/strong> on Monday, bolstered by strong performances from Nvidia (<a href=\"\/stock\/NVDA\">NVDA<\/a>) and Micron (<a href=\"\/stock\/MU\">MU<\/a>), which both saw shares jump as much as <strong>5.6%<\/strong> during the session. <em>Market sentiment shifted toward &quot;buying the dip&quot;<\/em> as traders bet on the long-term resilience of the AI &quot;supercycle&quot; despite recent profit-taking.<\/p>\n<p>In the healthcare sector, AstraZeneca (<a href=\"\/stock\/AZN\">AZN<\/a>) announced breakthrough results for its oral obesity candidate, <strong>Elecoglipron<\/strong>. The small-molecule GLP-1 receptor agonist delivered a <strong>10.5% reduction in body weight<\/strong> at 26 weeks in the VISTA trial, with weight loss reaching <strong>11.8%<\/strong> by week 36. <em>The drug&#39;s ability to provide meaningful weight loss without food or fluid restrictions<\/em> has prompted the company to advance the treatment into a global Phase 3 program.<\/p>\n<p>Simultaneously, Gilead Sciences (<a href=\"\/stock\/GILD\">GILD<\/a>) and Merck (<a href=\"\/stock\/MRK\">MRK<\/a>) reported that their investigational once-weekly oral HIV regimen, <strong>islatravir\/lenacapavir<\/strong>, met its primary efficacy endpoints. Data from the <strong>ISLEND-1 and ISLEND-2<\/strong> Phase 3 trials showed the treatment was statistically non-inferior to daily regimens, including Biktarvy, at the 48-week mark. This combination has the potential to become the <strong>first approved long-acting oral treatment<\/strong> for virologically suppressed adults living with HIV.<\/p>\n<p>While U.S. markets rebounded, the <strong>MSCI Emerging Markets Index closed down 3.6%<\/strong>, its sharpest decline in three months. The selloff was primarily driven by a pause in the AI-led rally across Asian tech hubs, with South Korea\u2019s Kospi slumping <strong>8.3%<\/strong> and Taiwan\u2019s benchmark falling <strong>3.5%<\/strong>. <em>Stronger-than-expected U.S. jobs data<\/em> further pressured emerging assets by fueling expectations that the Federal Reserve may maintain elevated interest rates to combat inflation.<\/p>\n<p>Global macro sentiment improved late in the day as <strong>oil prices pared earlier gains<\/strong> following signals of potential de-escalation between Iran and Israel. Despite the geopolitical friction, strategists at Citigroup (<a href=\"\/stock\/C\">C<\/a>) and Morgan Stanley (<a href=\"\/stock\/MS\">MS<\/a>) maintained <strong>bullish outlooks for the S&amp;P 500<\/strong>, with Citigroup raising its year-end target to <strong>8,100<\/strong>. <em>Analysts cited robust corporate earnings and resilient economic fundamentals<\/em> as the primary drivers for continued equity growth through the remainder of 2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Nasdaq 100 gained 1.6% as investors aggressively bought the dip in semiconductor stocks like Nvidia and Micron following [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50383,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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