Top Midday Stories: Tensions Rise as US, Iran Trade Attacks; Micron to Invest $3 Billion in US Semiconductor Supply Chain

All three major US stock indexes were up in late-morning trading Thursday, as investors monitored the re-escalation of hostilities between the US and Iran in the Middle East. Iran struck US military infrastructure on Thursday in Kuwait, Qatar, and Bahrain after a second round of strikes from the US on Wednesday that hit 90 Iranian military targets. In a post on X, US Central Command said it had struck 80 Iranian targets the day before in response to Iran's attacks on three commercial ships transiting the Strait of Hormuz. US initial jobless claims fell to a level of 215,000 in the week ended July 4 from an upwardly revised 217,000 level in the previous week, compared with expectations for a level of 217,000 in a survey of analysts compiled. The four-week moving average declined by 3,750 to 218,750 after decreasing by 2,000 to a level of 222,500 in the previous week. Insured jobless claims increased by 8,000 to 1,814,000 in the week ended June 27. A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation. Micron Technology (MU) plans to invest.