01 Stock Market
The U.S. major indexes closed as follows: Dow Jones up 0.14% at 51,564.70; S&P 500 up 1.08% at 7,500.58; NASDAQ up 1.91% at 26,517.93. Investors cheered powerful gains across the semiconductor complex, helping the tech-heavy benchmark post the day’s strongest advance.
Chip-linked names dominated the list of unusual movers. Leveraged fund SOXL rose 19.43% at $279.29 as traders piled into bullish semiconductor exposure, while its inverse peer SOXS fell 19.51% at $3.59. Intel gained 10.64% at $133.99 after fresh optimism around new chip partnerships, and Marvell Technology added 7.27% at $310.58. Memory giant Micron Technology climbed 8.70% at $1,133.99; Western Digital advanced 4.79% at $746.23. Taiwan Semiconductor Manufacturing rose 6.94% at $462.12, while NVIDIA improved 2.95% at $210.69 and AMD lifted 4.86% at $537.37. Broadcom increased 4.70% at $411.35, and the ProShares UltraPro QQQ gained 6.87% at $82.87. On the downside, Lumentum declined 2.30% at $850.00 and Palantir Technologies fell 1.65% at $128.47.
Momentum concentrated in AI-related hardware and leveraged ETFs, underscoring ongoing enthusiasm for advanced chips. Moderate gains in mega-caps such as Apple up 0.70% at $298.01, Microsoft up 0.13% at $379.40, Alphabet up 1.48% at $367.46 and Meta Platforms up 1.70% at $577.22 provided additional ballast, while Tesla ticked 1.04% higher at $400.49. The outsized moves in semiconductor names helped offset pockets of weakness in select tech hardware suppliers, leaving broader benchmarks firmly in positive territory.
02 Other Markets
U.S. 10-year Treasury yield was unchanged, latest at 4.45%. USD/CNH rose 0.06%, at 6.83; USD/HKD fell 0.00%, at 7.84. U.S. Dollar Index fell 0.01%, at 100.78. WTI crude futures fell 0.57%, at 75.42 USD/bbl; COMEX gold futures fell 0.47%, at 4,225.80 USD/oz.
03 Top News
1. U.S. Department of War Grants Energy Fuels a $725 Million Conditional Loan Commitment. The funding supports new rare-earth separation and magnet-grade metal capacity aimed at reducing dependence on Chinese supply. Shares of Energy Fuels jumped nearly 16% after the announcement, highlighting investor optimism about domestic critical-materials initiatives.
2. Apple Signals Device Price Increases to Offset Higher Memory Costs. Outgoing CEO Tim Cook told media that escalating component expenses make modest hikes “unavoidable.” The disclosure reinforces expectations for stronger revenue per unit and intensifies focus on supplier pricing dynamics across the tech sector.
3. Apple and Intel Reach Preliminary Deal for U.S. Chip Manufacturing. The partnership will see Intel produce select Apple chips, diversifying Apple’s supply chain beyond TSMC. The accord could bolster utilization at Intel’s foundry business and advance Washington’s drive to reshore semiconductor production capacity.
4. QuantumScape Secures Solid-State Battery Development Pact with Honda. The agreement accelerates commercialization of next-generation battery cells for electric vehicles. QuantumScape’s shares surged about 16% in response, reflecting confidence in its technology roadmap and potential automotive orders.
5. KeyBanc Capital Markets Lifts Marvell Technology Price Target by 48% to $385. Analysts cite a “durable” opportunity in optical-networking chips and project revenue could top $10 billion by 2030. The bullish call helped propel Marvell shares higher during the session.
6. U.S. Weekly Jobless Claims Decline to 226,000, Underscoring Labor-Market Resilience. Initial filings fell by 4,000, while continuing claims ticked up to 1.81 million. The data support the view that employment remains solid despite higher interest-rate pressures.
7. Federal Reserve Holds Rates Steady but Signals Potential Further Hike This Year. Updated projections from policymakers show lingering concern about inflation and leave the door open for additional tightening. Markets initially wobbled but later rebounded as investors digested the outlook.
8. Coherent Receives $50 Million CHIPS Act Funding for Indium Phosphide Wafer Expansion in Texas. The subsidy will help double production space and quadruple capacity for advanced optical-interconnect wafers, reinforcing U.S. efforts to localize critical semiconductor supply chains.
9. Nvidia Showcases AI Hardware Expansion Plans for European Market at VivaTech. The company highlighted partnerships, including funding for French start-up Mistral’s 200 MW AI compute project, underscoring ambitions to broaden its customer base beyond U.S. tech giants.
10. Citadel Securities Strategist Warns of Record $8.3 Trillion Options Expiration and Urges Buying Volatility-Driven Dips. The upcoming “triple witching” and quarter-end pension rebalancing could spark short-term swings, but robust retail inflows and buybacks are expected to underpin equities into the second half of the year.
Sources: Reuters, Dow Jones, Tiger Newspress, public market data Disclaimer: This content is for reference only and does not constitute investment advice.
