Forecast Trend Report by Period
U.S. stocks closed higher in New York, with a rally in semiconductor shares lifting the S&P 500 and Nasdaq Composite to fresh record highs.
On May 5, the Dow Jones Industrial Average rose 356.35 points, or 0.73%, to 49,298.25. The S&P 500 gained 58.47 points, or 0.81%, to 7,259.22, while the Nasdaq climbed 258.32 points, or 1.03%, to 25,326.13.
Markets found relief after scattered clashes between the U.S. and Iran, with Defense Secretary Pete Hegseth confirming that the ceasefire with Iran remained in effect.
Oil prices also fell. Brent crude futures for July delivery settled 3.99% lower at $109.87 a barrel, while West Texas Intermediate crude for June delivery fell 3.90% to $102.27.
Semiconductor stocks led the advance. The Philadelphia Semiconductor Index jumped 4.23%.
Intel surged nearly 13% on news of new talks with Apple over a chip supply deal.
Micron Technology soared 11.06% after market researcher IDC said the expansion of the artificial intelligence industry is driving an unprecedented inflection point in the memory-chip market, breaking from the sector’s past cycle-driven pattern. Micron’s market capitalization topped $700 billion.
Big Tech names including Alphabet and Amazon also reached fresh record highs, helping drive the tech-led bull market.
Lower Treasury yields also supported equities. The 10-year yield fell 2 basis points to 4.42%, while the two-year yield dropped 3 basis points to 3.94%. The 30-year yield, which had been above 5% a day earlier, slipped to 4.98%.
CME Group’s FedWatch tool showed a 96% probability that the Federal Reserve will leave its benchmark interest rate unchanged at 3.5% to 3.75% at the Federal Open Market Committee meeting on June 17.
Han Kyung-woo, Hankyung.com reporter case@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
