Key Takeaways
Major U.S. stock indexes rose midday Thursday, with semiconductor stocks rising after memory chip maker Micron Technology reported strong sales driven by AI demand. Southwest Airlines shares soared after the airline, which has been under pressure from activist investor Elliott Investment Management, unveiled a three-year restructuring plan.
Supermicro Computer’s shares plummeted following reports that the company was under investigation for suspected accounting violations.
U.S. stocks rose midday on Thursday, as semiconductor-related stocks surged after chipmaker Micron Technology (MU) reported strong sales driven by AI demand. The Dow, S&P 500 and Nasdaq all rose.
Jabil Circuit (JBL) shares also soared after the company reported better-than-expected earnings, announced a restructuring plan, and provided a brighter outlook.
Southwest Airlines (LUV) shares soared after the airline, under pressure from activist investor Elliott Investment Management, announced a three-year restructuring plan.
Shares of CarMax (KMX), the largest used-car retailer in the United States, rose after the company reported better-than-expected results due to increased retail vehicle sales.
Supermicrocomputer (SMCI) was the worst-performing stock in the S&P 500 after reports that the Department of Justice is investigating the technology company for possible accounting violations.
Oil industry stocks such as Diamondback Energy (FANG) fell along with crude futures after Saudi Arabia pledged to increase production.
Pfizer (PFE) shares fell after the drug company withdrew all sales of its sickle cell drug Oxbryta worldwide due to safety concerns.
Gold and silver prices rose. 10-year Treasury yields increased. The US dollar rose against the yen but fell against the euro and pound. Most major cryptocurrencies rose in value.
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