Stocks Climb on Micron Earnings and Economic Optimism

Stocks moved higher as Micron’s earnings and improving economic signals supported market sentiment, though gains later eased. The S&P 500 rose 0.31%, the Dow Jones added 1.21%, and the Nasdaq 100 climbed 0.55%. Dow industrials logged a new all-time high, with chipmakers leading after Micron forecast Q4 revenue of $50 billion, above the $43.24 billion consensus, and shares rising more than 11%. Qualcomm also gained more than 4% after projecting annual sales exceeding $15 billion from AI components for data centers by fiscal 2029. Economic data also helped: Q1 GDP was revised up to +2.1% (q/q annu), weekly jobless claims fell by 12,000 to 215,000, and May personal spending rose 0.7%. At the same time, the 10-year Treasury yield fell to a six-week low of 4.36%. Later, the S&P 500 dipped toward a two-week low as some Magnificent Seven names weakened, including Apple down more than 5%, alongside crude oil weakness.