Wall Street rose on Thursday as chip stocks bounce back from sell-off in p0revious session after Micro posts splendor results. S&P 500 opened 0.62% higher at 7,403.65, tech-heavy Nasdaq Composite rose 0.59% at open to 25,627.43, and Dow Jones Industrial Average added nearly 350 points and opened 0.68% higher at 52,207.15.
The rally came after Micron Tech reported one of the strongest earnings performances in its history, with fiscal third-quarter revenue surging 346% year-on-year to $41.46 billion from $9.3 billion a year earlier, comfortably beating Wall Street estimates.
Adjusted earnings came in at $25.11 per share, well ahead of analysts' expectations of $20.78 per share.
Leading the charge, Micron Technology surged 18% on the heels of a blowout fiscal third-quarter report that handily beat Wall Street's profit and revenue projections. Fellow chipmaker Qualcomm followed closely with a 9% gain, propelled by management lifting its fiscal 2029 revenue guidance for its expanding non-handset business segments.
ALSO READ: AMD, Intel, Qualcomm Ride On Micron's Bullish Forecast As AI Chip Stocks Soar Up To 19%
This double-dose of optimistic data triggered a broader sector-wide rally, lifting major hardware and semiconductor equipment suppliers including SanDisk, Western Digital, Lam Research, KLA, and Applied Materials.
Johnson & Johnson shares were up nearly 2%. On the other hand, Apple Inc. fell over 4% and Amazon.com Inc., McDonald's Corp and Nvidia slumped over 2%
The currency front remained mixed with Dollar Spot Index falling 0.1%, the euro was little changed at $1.1364, and the Japanese yen was little changed at 161.79 per dollar. However, the British pound rose 0.2% to $1.3195.
Bitcoin, the largest traded cryptocurrency, was little changed at $60,878.05.
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