Wall Street witnessed a remarkable rebound on Thursday, erasing much of the previous session’s losses in a dynamic upswing driven by the semiconductor sector. Leading the charge was Micron Technology, whose upbeat revenue forecast injected a wave of optimism across the tech landscape. This resurgence came against a backdrop of mixed economic data, which spurred beliefs that the Federal Reserve might pivot towards a more accommodative monetary policy. As the trading day progressed, the major U.S. stock indices — the Dow Jones, S&P 500, and Nasdaq — all posted impressive gains, with the tech-heavy Nasdaq taking the lead. This revival in market fortunes, amidst recalibrated economic growth figures and labour market insights, highlighted a complex yet hopeful narrative of resilience and adaptability in the face of unfolding economic scenarios.

Key Takeaways:

  • Major Indices Record Notable Gains: The Dow Jones Industrial Average climbed 322.16 points (0.87%) to close at 37,404.16. The S&P 500 ascended by 48.37 points (1.03%), reaching 4,746.72, while the Nasdaq Composite led the rally with an increase of 185.92 points (1.26%), ending the day at 14,963.87.
  • Micron Technology Fuels Semiconductor Surge: Micron’s revenue forecast surpassed market expectations, sparking a rally in the semiconductor sector. The company’s shares soared, indicating a robust recovery in the memory chip market by 2024. This upbeat announcement was a significant catalyst in Thursday’s market upturn.
  • Economic Data Influences Market Trajectory: The revision of the U.S. third-quarter GDP growth to 4.9% and an uptick in continuing jobless claims at 1865K seemed to reinforce investor belief in a potential easing of Fed policies. This data played a crucial role in shaping market sentiment.
  • Global Markets Show Mixed Reactions: The pan-European STOXX 600 index fell by 0.21%, whereas MSCI’s global stock gauge rose by 0.42%, reflecting varied responses to U.S. economic data and market movements.
  • Currency and Treasury Yield Fluctuations: The U.S. dollar index fell by 0.537%, while the euro rose by 0.53% against the dollar. In the treasury market, the 10-year note yield increased to 3.894%, and the 30-year bond yield rose to 4.0328%.
  • Electric Vehicle Stocks Surge Amid Tariff Speculations: Shares in Tesla, Lucid Group, and Rivian Automotive saw significant jumps following reports of potential U.S. tariff hikes on Chinese EV manufacturers, highlighting market sensitivity to trade developments.
  • Coinbase Secures Significant Crypto License in France: Amid a challenging regulatory environment in the U.S., cryptocurrency exchange Coinbase secured a vital virtual asset service provider (VASP) license in France. This strategic move allows Coinbase to deepen its presence in Europe, offering various digital asset services in a key EU market.

FX Today:

  • USD Exhibits Mixed Performance Amid Economic Data: The U.S. Dollar experienced a nuanced response in the forex market following the release of revised U.S. GDP figures and labour market data. The Dollar Index (DXY) observed a decline of 0.537%, reflecting investor recalibration in anticipation of potential shifts in Federal Reserve policy.
  • Euro Strengthens Against Dollar: The EUR/USD pair showcased resilience, rising by 0.53% to $1.0996. This upswing can be attributed to the market’s reaction to U.S. economic data and ongoing adjustments in European monetary policy expectations.
  • Japanese Yen Gains Ground: The Japanese yen fortified its position against the dollar, appreciating by 1.02% to 142.09 per dollar. This movement shows the yen’s responsiveness to global economic shifts and domestic monetary policy stance.
  • Sterling Sees Modest Uptick: The GBP/USD pair experienced a slight upward trend, trading up by 0.42% at $1.2690. The pound’s performance aligns closely with recent UK economic projections and is positioned to respond to forthcoming financial reports and Bank of England policy announcements.
  • AUD and CAD Navigate Economic Signals: The AUD/USD pair tested the 0.6800 zone, reaching a five-month high, buoyed by a blend of risk appetite and a weaker U.S. dollar. Concurrently, the USD/CAD dropped to 1.3285, its lowest since early August, reacting to Canadian retail sales data and expectations surrounding the upcoming GDP report.
  • Commodities Respond to Economic Signals: Oil prices declined, with U.S. crude settling down 0.44% at $73.89 per barrel, and Brent finishing at $79.39, down 0.39%. Conversely, gold prices gained, with spot gold rising 0.7% to $2,043.89 an ounce.

Market Movers:

  • Micron Technology Leads with Stellar Performance: Micron Technology (MU) emerged as a top performer, with its shares surging over 7%. The company’s impressive Q1 revenue of $4.73 billion, surpassing the $4.54 billion consensus, and its Q2 revenue forecast ranging between $5.1 billion and $5.5 billion, exceeding expectations, catalysed this upswing.
  • CarMax Accelerates on Earnings Beat: CarMax (KMX) gained over 5% in pre-market trading, buoyed by its Q3 earnings per share of 52 cents, which outstripped the consensus estimate of 42 cents. This robust performance reflects the company’s resilience in a challenging automotive market.
  • Cruise Line Operators Sail Higher on Carnival’s Narrower Loss: Carnival (CCL) witnessed an uptick of over 3% following its Q4 report, which revealed a smaller-than-expected adjusted loss per share of 7 cents, compared to anticipated losses of 13 cents. This positive news also lifted Norwegian Cruise Line Holdings (NCLH) and Royal Caribbean Cruises (RCL), both rising over 2%.
  • Chip Stocks Climb as Treasury Yields Dip: The broader chip sector saw a collective rise, with Marvell Technology (MRVL) up over 3%, and companies like Globalfoundries (GFS), Applied Materials (AMAT), ASML Holding NV (ASML), and others gaining over 2%. This sector-wide movement aligns with the dip in the 10-year T-note yield to a 4-3/4 month low.
  • Immunovant Advances on Positive Trial Results: Immunovant (IMVT) saw its stock climb over 8% following Phase 2 trial results of batoclimab, which demonstrated efficacy in treating Graves’ disease, exceeding 50% effectiveness.
  • Spotify Technology Receives Analyst Upgrade: Spotify Technology (SPOT) increased more than 2% after an upgrade by Pivotal Research Group to ‘buy’ from ‘hold’, with a target price of $265, indicating market confidence in the company’s growth prospects.
  • Salesforce Elevated by Analyst Optimism: Salesforce (CRM) rose more than 1% after an upgrade from Morgan Stanley to ‘overweight’ from ‘equal weight’, setting a price target of $350. This reflects a positive market sentiment towards the company’s future performance.
  • Paychex Leads Declines on Revenue Miss: Paychex (PAYX) led the downward trend, dropping more than 5% after reporting Q2 revenue of $1.26 billion, which fell short of the consensus estimate of $1.27 billion. This decline reflects market reactions to the company’s performance relative to expectations.
  • Warner Bros Discovery and Comcast Slip on Negative News: Warner Bros Discovery (WBD) declined over 4%, compounding the previous day’s 5% drop amid reports of merger talks with Paramount Global. Similarly, Comcast (CMCSA) fell more than 1% following news of a potential data breach affecting customer accounts.


As the curtains close on a tumultuous trading day, Wall Street’s robust rebound, led by a surge in the semiconductor sector and bolstered by Micron Technology’s stellar forecast, stands as a testament to the market’s enduring dynamism. The day’s trading, punctuated by mixed economic data and recalibrated expectations of the Federal Reserve’s policy path, encapsulated a narrative of resilience in spite of uncertainty. Investors, navigating through a maze of global economic signals, demonstrated agility and opportunism, seizing on dips and rallying behind encouraging corporate performances.