Markets chug along with second straight day of record highs
Stock market indexes (^DJI, ^IXIC, ^GSPC) posted a second day of record highs across the board, following the Federal Reserve's interest rate pause decision. Yahoo Finance Live monitors Thursday's market action after the closing bell while also taking a look at Micron Technology (MU) shares after reporting second-quarter earnings results.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Editor's note: This article was written by Luke Carberry Mogan.
Video Transcript
JULIE HYMAN: So we did see a gain of about 2/3 of 1%. 270 points or so for the Dow Jones Industrial average. That means another record close.
The S&P 500 up a third of 1%. That means another record close, even though it's off the highs of the session. And the NASDAQ just up a fifth of 1%, enough for a record close.
As we pointed out earlier, we see outperformance today in the equal weight. The S&P equal weight, as well as the Russell 2000 here. So all of those gaining more than the broader market today.
We continue to see yields kind of go sideways here, which doesn't hurt, this perception that the Fed is going to be cutting three times. At least that's the Fed's own perception here. So interesting to see this momentum continue here. And Josh, has got one stock to watch that didn't hurt matters either today.
JOSH LIPTON: No, we got to talk about Micron, Julie. Investors piling in here. That stock ripped higher in today's trade. Look at that move.
Maker of memory chips gave a strong sales forecast. And the company also using that phrase investors love so much artificial intelligence. CEO saying Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI.
Investors also, Julie, very excited about a new kind of chip known as HBM. If we can just nerd out for a second, basically, this is super high speed memory that sits on a data center GPU. What is demand like for that?
And I think this was the big key in the conference call. Micron expects several hundred million of revenue from HBM products in fiscal '24 and said the overwhelming majority of its 2025 supply has already been allocated. And investors like the sound of that.
JULIE HYMAN: Yes, they did. And I was just looking through some of the commentary here. Joseph Moore, who covers Micron over at Morgan Stanley, saying the biggest surprise was management's continued visibility and enthusiasm. Because tone matters a lot when we're talking about these things. Although Moore himself says that he thinks there will be a weaker second half.
JOSH LIPTON: All right, we shall wait and see.
JULIE HYMAN: Yeah.
