01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.14% at 51,920.62; S&P 500 down 0.01% at 7,357.49; NASDAQ declined 0.46% at 25,358.60. Modest headline moves belied wide dispersion beneath the surface as traders balanced strong semiconductor enthusiasm against mixed macro data.
Semiconductor names dominated the day’s unusual moves. Micron Technology (MU up 15.74% at $1,213.56) sprinted after bullish guidance and long-term supply commitments. The leveraged Direxion Daily Semiconductors Bull 3x ETF (SOXL up 10.04% at $252.61) echoed the sector surge, while Western Digital (WDC up 4.90% at $675.39) and Qualcomm (QCOM up 3.79% at $204.90) rode memory-demand tailwinds. SanDisk (SNDK up 21.97% at $2,335.00) and the 2× Micron tracker MUU (MUU up 31.07% at $1,182.40) posted eye-catching jumps. Laggards included Apple (AAPL fell 6.12% to $275.15) and NVIDIA (NVDA declined 1.64% to $195.74), while the bearish semiconductor ETF SOXS (SOXS fell 11.03% to $3.63) slid on the chip rally.
Thematic ETFs illustrated a tug-of-war between AI optimism and risk aversion. ProShares UltraPro QQQ (TQQQ up 2.25% to $74.95) advanced on renewed growth appetite, whereas cryptocurrency proxy Strategy (MSTR fell 9.35% to $85.33) tracked Bitcoin’s retreat. Broad-market vehicles were subdued, with SPDR S&P 500 ETF (SPY up 0.14% at $734.30) and Vanguard S&P 500 ETF (VOO flat at $675.71) little changed.
02 Other Markets
U.S. 10-year Treasury yield was unchanged at 4.39%, latest at 4.39%.
USD/CNH fell 0.04%, at 6.82; USD/HKD fell 0.00%, at 7.84.
U.S. Dollar Index rose 0.02%, at 101.44.
WTI crude futures fell 0.64%, at 71.46 USD/bbl; COMEX gold futures fell 0.15%, at 4,041.70 USD/oz.
03 Top News
1. Micron surpassed Meta in market value on relentless AI-driven demand. Shares jumped after the memory maker revealed $22 billion in long-term chip supply deals. The rally lifted Micron’s capitalization above Meta’s, underscoring investors’ conviction in the AI infrastructure boom.
2. Amazon committed an additional $13 billion to expand AI and cloud data centers in India. The investment lifts planned spending in the country to $48 billion through 2030. Management said the funds target new capacity in Mumbai and Hyderabad to serve surging local demand for cloud and machine-learning services.
3. Tesla will boost output at its Berlin plant by 20% to 7,500 vehicles per week. The increase, scheduled for October, aims to meet robust European demand for the Model Y. Higher capacity could improve economies of scale and shorten delivery times.
4. Apple raised prices on select MacBook and iPad models as memory costs soar. The company said it can no longer absorb “unprecedented” component inflation tied to AI-related memory shortages. Analysts expect the hikes to pressure near-term unit sales but protect profit margins.
5. Traders expect the Federal Reserve to leave rates unchanged next month but see a hike possible in September. Market-implied probabilities for a July move slipped after fresh inflation data, yet an 80% chance of action later in the year remains. Policymakers continue to signal vigilance on price pressures.
6. PCE inflation accelerated to 4.1%, breaching a three-year high. Rising energy costs linked to Middle East tensions boosted May’s headline figure. Core PCE held at 3.4%, keeping the gauge well above the Fed’s 2% target and complicating the path for policy easing.
7. U.S. initial jobless claims fell to 215,000, beating expectations. The decline suggests labor-market resilience despite broader economic uncertainty. Continuing claims ticked up slightly, indicating companies remain cautious about new hiring but are largely avoiding mass layoffs.
8. First-quarter U.S. GDP was revised up to 2.1% annualized, although consumer spending cooled. The upgrade stemmed mainly from lower import estimates, while household outlays slowed to a 0.5% pace. Business investment in AI-related equipment remained a key growth driver.
9. Bitcoin slid below $59,000, sparking a broad sell-off in crypto-linked equities. Strategy dropped more than 7%, while Marathon Digital, Riot Platforms and Coinbase each fell over 3%. Traders cited risk-off sentiment and technical pressure on digital assets.
10. Google plans to reorganize its artificial-intelligence programming team to accelerate development. The restructuring seeks to close the gap with rival Anthropic and streamline internal research efforts. Observers expect the move to sharpen product focus ahead of upcoming AI launches.
Sources: Reuters, Dow Jones, MT Newswires Live, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
