Market
May 26, U.S. stocks opened higher as investors cheered robust semiconductor earnings and renewed enthusiasm for artificial-intelligence plays. The Dow Jones gained 0.3%, the S&P 500 advanced 0.6%, and the tech-heavy Nasdaq Composite outpaced peers with a 0.9% jump, extending its recent record-setting streak.
Gains were led by chip names: Micron Technology soared 11.2% on an upbeat outlook, followed by Direxion Daily MU Bull 2X Shares up 22.5%, Marvell Technology up 9.1%, Advanced Micro Devices up 3.7%, and Navitas Semiconductor Corp up 6.5%. FinVolution Group climbed 10.7% after strong earnings, Tiger Brokers rose 10.2% on regulatory news, and XPeng Inc. rallied 6.0%. On the downside, Universe Pharmaceuticals slid 10.8% after an FDA setback, while Direxion Daily Semiconductors Bear 3x Shares fell 10.4% as bearish chip bets unwound.
Broader momentum favored growth and China ADRs: United Microelectronics jumped 13.2%, Futu Holdings Limited leapt 14.5%, Silicon Motion Technology added 4.0%, NetEase gained 2.2%, and Tesla Motors edged up 1.3% on improving China sales. Lagging megacaps included Microsoft, down 0.8%, and Intel, off 0.3%, as investors rotated into higher-beta names.
News
Micron Technology lifts Q3 sales guidance, shares surge 11%. The memory-chip maker cited stronger AI server and mobile demand, prompting several analysts to boost price targets and revenue estimates.
Marvell Technology forecasts double-digit data-center growth, stock jumps 9%. Management told investors new AI accelerator wins will drive revenue in the second half, offsetting softness in telecom infrastructure.
FinVolution Group posts record earnings, launches $200 million buyback. The fintech’s Q1 profit beat expectations on lower credit losses, and the new repurchase plan signaled confidence in future cash flows.
Tiger Brokers soars after securing Hong Kong virtual-asset trading license. The approval lets the online broker offer crypto products to retail clients, broadening its revenue base and boosting its ADR 10%.
United Microelectronics rallies on reported wafer price hikes for H2. Industry sources say the foundry plans mid-single-digit increases, supporting margin expansion amid tight capacity.
Universe Pharmaceuticals drops as FDA requests more data on lead drug. A complete response letter delays potential approval for its neuropathy therapy, sending the stock down nearly 11%.
Microsoft slips on EU antitrust probe of $69 billion cybersecurity deal. Regulators extended their review over competition concerns, raising uncertainty about the transaction’s timeline.
Tesla gains on 25% rebound in China weekly insurance registrations. The pickup follows recent price cuts and suggests demand stabilization ahead of the company’s forthcoming shareholder meeting.
U.S. durable goods orders rise 0.6%, beating forecasts. Stronger capital-goods bookings eased recession worries and supported early risk appetite across cyclical sectors.
Dovish Fed comments push Treasury yields lower. Policymakers indicated rate cuts could come if inflation continues to cool, pulling the 10-year yield below 4.3% and underpinning equity valuations.
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