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Intel Corp. INTC stock rose about 5% on Monday as investors returned to semiconductor and large-cap technology stocks in a broader risk-on market.
Investors may also be positioning ahead of Intel’s second-quarter earnings report, scheduled for July 23.
The Nasdaq gained 0.84%, while the S&P 500 added 0.32%. Technology led all sectors with a 0.89% advance.
The stock outperformed even as overall market breadth remained weak, with the advance-decline ratio at 0.8. The Russell 2000 rose 0.11%, while the Dow Jones Industrial Average slipped 0.13%. Materials was the weakest sector, down 0.51%.
Intel Expands Google Cloud Partnership
Separately, Intel and Alphabet Inc.’s GOOGL Google Cloud expanded their multi-year partnership to accelerate Intel’s AI-driven enterprise transformation.
Intel will deploy Gemini Enterprise across engineering, supply chain and corporate operations while using Google Cloud infrastructure to power AI agents, automate workflows and speed chip development through scalable high-performance computing.
The collaboration also includes AI tools for coding, marketing and communications, building on the companies’ existing work to optimize next-generation AI infrastructure.
Technical Picture Remains Mixed
Despite Monday’s rally, Intel remains below its short-term moving averages. The stock trades 16.4% below its 20-day simple moving average of $117.72 and 15.8% below its 50-day average of $116.97.
However, it remains 11.7% above its 100-day moving average of $88.12 and 52.6% above its 200-day average of $64.50. That suggests the longer-term trend remains positive despite recent weakness.
Momentum indicators remain mixed. The MACD sits below its signal line, indicating bullish momentum has slowed. Meanwhile, the longer-term “golden cross,” where the 50-day moving average remains above the 200-day moving average, is still intact.
Technical traders are watching the $98.50 level as an important support area.
Intel Outpaces Technology Sector
Intel outperformed the broader technology sector on Monday. The stock gained about 4.95%, compared with a 0.89% rise for the Technology Select Sector SPDR Fund XLK.
Over the past 30 days, the technology sector has declined 7.74%. However, it remains up 14.6% over the past 90 days.
Earnings And Analyst Outlook
Intel is scheduled to report quarterly results on Thursday, July 23.
Wall Street expects earnings of 19 cents per share, compared with a loss of 10 cents per share a year earlier. Analysts also forecast revenue of $14.4 billion, up from $12.86 billion in the prior-year quarter.
The stock carries a consensus Hold rating with an average price forecast of $96.70.
Recent analyst actions include Susquehanna raising its price forecast to $115 while maintaining a Neutral rating on July 16. KeyBanc raised its price forecast to $155 and reiterated an Overweight rating on July 14. UBS also raised its price forecast to $121 while maintaining a Neutral rating on July 13.
INTC Stock Price Activity: Intel shares were up 4.92% at $99.72 at the time of publication on Monday, according to Benzinga Pro data.
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This article Why Is Intel Stock Soaring Monday? originally appeared on Benzinga.com.
