US Opening Bell | Stocks open higher; AMC Entertainment jumps 11.9%; Chip stocks rally

Market

July 20, U.S. stocks opened broadly higher as investor optimism over technology earnings and resilient consumer data lifted sentiment. The Dow Jones Industrial Average advanced 0.3%, the S&P 500 gained 0.6% and the Nasdaq Composite outperformed with a 0.9% rise.

Gainers set the tone: AMC Entertainment jumps 11.9% after a sharp pickup in summer box-office traffic, while IREN Ltd surges 9.0% on crypto-mining expansion plans. Direxion Daily MU Bull 2X Shares adds 7.3%, benefiting from strength in memory makers, and Trip.com Group Limited climbs 5.7% on robust travel demand. Western Digital gains 3.7% following progress on its flash unit spin-off; Micron Technology rises 3.6% alongside Advanced Micro Devices up 3.5% and Alibaba 3.4% on solid e-commerce trends. On the downside, Direxion Daily Semiconductors Bear 3x Shares falls 7.0%, while Microsoft slips 1.0% and Apple eases 0.3% amid profit-taking.

Elsewhere, GigaMedia rallies 6.8%, Direxion Daily Semiconductors Bull 3x Shares tacks on 6.2%, Kingsoft Cloud Holdings Ltd adds 5.2%, VNET Group rises 4.1% and Hutchison China Meditech advances 3.5% as investors rotate into Chinese tech ADRs. Taiwan Semiconductor Manufacturing extends its climb by 2.2% after posting record revenue. Laggards include Kandi, down 6.9%, and Senmiao Technology, off 12.2%, as EV and micro-mobility plays face profit taking.

News

Micron Technology jumps 3.6% on upbeat memory outlook. Reports of rising DRAM contract prices and accelerating data-center demand boosted investor confidence in the chipmaker.

AMC Entertainment surges 11.9% on robust summer box-office sales. Early ticket data for blockbuster releases signaled a stronger theatrical recovery, driving the meme favorite sharply higher.

IREN Ltd rallies 9.0% after unveiling 1 GW renewable crypto-mining expansion. Management said the project will lower energy costs and boost output, attracting momentum traders.

Trip.com Group Limited climbs 5.7% on record international booking trends. The travel platform cited pent-up demand and expanded partnerships as cross-border volumes top pre-pandemic levels.

Western Digital gains 3.7% as board advances flash memory spin-off plan. The company reiterated its timeline for separating the NAND unit by year-end, a move seen unlocking shareholder value.

Advanced Micro Devices rises 3.5% on broker upgrade tied to AI accelerator demand. Analysts highlighted stronger-than-expected orders for the new MI325 series, lifting earnings forecasts.

Alibaba advances 3.4% after mid-year shopping event tops expectations. Early metrics suggest gross merchandise value grew double digits, bolstering the e-commerce giant’s growth outlook.

Microsoft slips 1.0% as renewed FTC scrutiny clouds Activision deal. A fresh legal challenge could delay closing of the $69 billion acquisition, adding uncertainty to the tech giant’s M&A plans.

Direxion Daily Semiconductors Bear 3x Shares plunges 7.0% amid chip rally. Broad gains across semiconductor names weighed on the inverse leveraged ETF tracking the sector’s downside.

U.S. equity futures rise after stronger-than-expected retail sales report. The data eased recession concerns and reinforced expectations of sustained consumer resilience heading into the third quarter.