S&P 500 at fresh high on robust data, Micron gains
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The news: The S&P 500 scored a record closing high and the Dow and Nasdaq rose as Micron Technology shares rallied and robust US economic data eased labour market concerns.
The numbers: Among the main indices: Dow Jones rose 0.62%, the S&P 500 lifted 0.40% to a fresh closing high of 5,745.37, and Nasdaq gained 0.60%. Seven of the 11 S&P 500 sectors climbed, led by materials, which rose 1.97%.
The context: The S&P 500 and Dow have hit multiple record highs this year, while the tech-heavy Nasdaq is about 2% shy of its own milestone. Market rallies have been driven by optimism surrounding AI and expectations of lower interest rates. The broader Philadelphia SE Semiconductor index added 3.77% as most chip stocks rallied.
Shares of Micron Technology rose 15.78% after the memory chip maker projected first-quarter revenue above expectations, highlighting strong demand for memory chips used in artificial intelligence computing.
Metal prices got a boost after China pledged to deploy "necessary fiscal spending." Copper miners such as Freeport-McMoRan gained 7.45%, while lithium miners including Albemarle and Arcadium added 9.92%. US-listed Chinese firms such as Li Auto gained 7.13%, PDD Holdings advanced 13.28%, while Alibaba added 10.08%.
Shares of Wells Fargo gained 5.19% after a report showed the banking giant had sent the Fed a review for lifting asset cap restrictions.
Southwest Airlines gained 5.42% after the carrier raised its third-quarter revenue forecast, while Accenture rose 5.57% after the IT services provider forecast annual revenue above estimates.
However, energy stocks lost 2%, tracking crude prices that slid on expectations of greater supply by the Organization of the Petroleum Exporting Countries.
The source: Reuters
