U.S. Stocks Open Higher on Thursday; Micron Shares Tumble 13% After Earnings

Tiger Newspress2024-12-19

The Dow Jones Industrial Average was higher on Thursday, rebounding from its 10th straight loss.

The 30-stock Dow added 387 points, or 0.9%. The S&P 500 gained 1%, while the Nasdaq Composite climbed 1.1%. Shares of artificial intelligence darling Nvidia, which weighed down the Dow on in the previous session, traded 1% higher.

Stocks plunged Wednesday after the Federal Reserve struck a heavy blow to the roaring bull market, signaling that it was likely to only cut interest rates twice next year, down from the four reductions that had been penciled in during their last forecast in September. The central bank also trimmed its benchmark overnight borrowing rate a quarter percentage point Wednesday, to a target range of 4.25% to 4.5%, but the question now is what policymakers will do in 2025.

Micron Technology forecast quarterly revenue and profit below Wall Street estimates on Wednesday, sending shares lower as weak demand for consumer-centric products such as personal computers and smartphones impacts the chipmaker's business.

The Boise, Idaho-based company's stock was down 13% in morning trading Thursday.

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