Market
June 22, U.S. stocks opened modestly higher as investors digested upbeat chip earnings and awaited fresh Federal Reserve commentary. The Dow Jones gained 0.32% to 51,727.64, the S&P 500 added 0.20% to 7,515.73 and the Nasdaq Composite was nearly unchanged, up 0.01% at 26,521.76, signaling a cautiously positive tone.
United Microelectronics surged 11.42% after raising capital-spending plans, while Direxion Daily MU Bull 2X Shares leapt 10.73% on Micron momentum. Tradr 2X Long SNDK Daily ETF climbed 10.61%, SUPER MICRO COMPUTER INC advanced 7.37% on strong server orders, Direxion Daily Semiconductors Bull 3x Shares gained 7.26%, AXT Inc rallied 5.60% and Micron Technology rose 5.24% on an earnings beat. Alphabet slid 2.89% after a new antitrust blow, and Tesla Motors eased 0.66% amid renewed pricing concerns.
Broader semiconductor enthusiasm continued: Roundhill Memory ETF jumped 5.45%, Intel added 4.86%, Advanced Micro Devices gained 2.18%, Taiwan Semiconductor Manufacturing climbed 1.83% and ProShares UltraPro QQQ rose 2.02%. On the flip side, Applied Optoelectronics fell 0.96% and Direxion Daily Semiconductors Bear 3x Shares slumped 7.38% as bearish bets unwound.
News
Micron Technology beats fiscal Q3 expectations. Revenue and EPS topped consensus on soaring AI server demand. The beat prompted multiple broker upgrades and fueled a 5% stock jump at the open.
United Microelectronics raises full-year capex by 25%. The foundry cited tight advanced-node capacity and strong client orders. Investors cheered the expansion plans, sending shares up more than 11%.
Intel unveils Lunar Lake processors with on-chip AI. The new laptop chips promise major efficiency gains and integrated NPUs. Early reviews see the launch as a milestone in the company’s comeback strategy.
Alphabet fined $5 billion by EU over app-store practices. Regulators allege anti-competitive behavior in Android licensing. The penalty weighed on market sentiment and pushed U.S. shares almost 3% lower.
Federal Reserve signals no imminent rate hike. Chair Powell said policy is “sufficiently restrictive” amid moderating inflation. Treasury yields eased, helping lift rate-sensitive sectors at the open.
U.S. existing-home sales rebound 1.8% in May. The surprise uptick breaks a four-month decline, suggesting housing demand is stabilizing. Homebuilder stocks moved modestly higher on the data.
NVIDIA expands Azure partnership with Microsoft. The companies will deploy next-gen GPUs across U.S. data centers. Analysts see the deal reinforcing NVIDIA’s leadership in cloud AI infrastructure.
Tesla Motors faces fresh NHTSA Autopilot probe. Regulators are examining new incidents involving driver-assistance features. The investigation adds to regulatory overhang, nudging shares slightly lower.
Taiwan Semiconductor Manufacturing accelerates second Arizona fab. Construction is now slated to start later this year, a move aimed at meeting surging U.S. chip demand. The announcement underpins the stock’s early gains.
Western Digital upgraded on NAND recovery hopes. A major brokerage raised its rating, citing improving pricing and potential strategic actions. Shares rose more than 3% on the upbeat outlook.
Comments