Stock Market Today: Microsoft Ignites Chip Rebound as SanDisk Jumps 24%
U.S. equities clawed back Wednesday’s post-Fed losses by midday Thursday, with a blowout cloud print from Microsoft Corp. (NASDAQ: MSFT ) reviving the artificial intelligence trade and dragging beaten-down semiconductor names sharply higher. The Nasdaq 100 led with a 3.1% advance, though a 19-year high in long-dated Treasury yields kept the rally narrow. The S&P 500 rose 1.3% to 7,413, while the Dow Jones Industrial Average advanced 424 points, or 0.8%, to 52,019. Microsoft did most of the heavy lifting on the blue-chip index, with Amazon.com Inc. (NASDAQ: AMZN ) and Caterpillar Inc. (NYSE: CAT ) also contributing. Within Magnificent Seven stocks, Microsoft surged 16.6% after reporting 43% cloud revenue growth — its fastest since 2022 — alongside capital expenditure guidance that did not outpace expectations, easing fears that AI spending has run away from returns. Microsoft sto...
S. equities clawed back Wednesday’s post-Fed losses by midday Thursday, with a blowout cloud print from Microsoft Corp. (NASDAQ: MSFT ) reviving the artificial intelligence trade and dragging beaten-down semiconductor names sharply higher. 1% advance, though a 19-year high in long-dated Treasury yields kept the rally narrow.
8%, to 52,019. com Inc. (NASDAQ: AMZN ) and Caterpillar Inc. (NYSE: CAT ) also contributing.
6% after reporting 43% cloud revenue growth — its fastest since 2022 — alongside capital expenditure guidance that did not outpace expectations, easing fears that AI spending has run away from returns. Microsoft stock is now on pace for its best session since October 2008. Meta Platforms Inc. 2% after guidance missed and investors questioned when its AI labs will convert into revenue.
Tesla Inc. 9% and Nvidia Corp. 3%. Apple Inc.
9% and Alphabet Inc. 4% ahead of Apple and Amazon results after the bell. 8% to 2,929. 4%.
The macro data gave the doves something to work with. 1%, undershooting forecasts. Federal Reserve Chair Kevin Warsh reiterated Wednesday that policymakers would not hesitate to act on inflation, yet declined to signal a hike and was not among the three FOMC members who dissented in favor of one. That standoff pushed the long end of the curve to fresh extremes even as equities rallied.
21%, up 1 basis point and the highest since 2007. Rate-hike odds continued to bleed lower. The implied probability of a 25-basis-point increase in September fell to roughly 55% from nearly 80% before the Fed’s decision. 2%.
7%. 0%. 7%. 7% gain, capturing the entire rebound in semiconductors.
2% under Meta’s weight. 7%. S. 6%.
S. 8%. Chips Roar Back After Bloodbath Memory and equipment names led the semiconductor snapback after Wednesday’s rout. Micron Technology Inc.
0%, SK Hynix Inc. (NASDAQ: SKHY ) rose 15%, Lam Research Corp. 4%, Sandisk Corp. 9%, Applied Materials Inc.
8%, Advanced Micro Devices Inc. 6% and Intel Corp. 7%. On an earnings call Thursday, the chief executive of Qualcomm Inc.
(NASDAQ: QCOM ) called memory chip price increases “very dramatic,” underscoring the pricing backdrop behind the move. Thursday’s Movers The session’s single biggest mover was a deal. MarketAxess Holdings Inc. 7% after Intercontinental Exchange Inc.
7 billion enterprise value and a 33% premium. 15 billion at the midpoint landing about 15% above Street estimates. FormFactor, Inc. 2% above consensus.
2 billion on AI data center demand. Guidance cuts drove the downside. Alnylam Pharmaceuticals, Inc. 1%.
5%. 4 million estimate. H. Robinson Worldwide, Inc.
0% despite beating on both lines. Tradeweb Markets Inc. 3%. Elsewhere, Chipotle Mexican G