The Nasdaq 100 rose 0.4% on Thursday, largely driven by a 15% jump in shares of Micron Technology on strong fiscal fourth-quarter performance and an optimistic outlook.
The boost in Micron stock had a positive effect on other semiconductor companies, with Applied Materials and Lam Research gaining 4.9% and 4.1%, respectively.
Meanwhile, the S&P 500 also saw a slight rebound of 0.2%, while Dow futures remained unchanged.
Yesterday, the Dow and S&P 500 both lost 0.7% and 0.19% after making new “All-Time Highs”.
The Nasdaq Composite posted a 0.04% gain, largely due to strong performances from chip stocks such as Nvidia, AMD and Intel.
Energy stocks, on the other hand, showed a downward trend, with notable declines from Chevron and Exxon Mobil.
Investors are now focusing on the United States (US) second quarter economic growth report tonight and additional comments from several Federal Reserve (Fed) officials including Chairman Jerome Powell that may impact future market trends.
Earnings reports from companies such as CarMax, Accenture and Costco Wholesale are also expected.
