Forecast Trend Report by Period
The Nasdaq Composite and the S&P 500 closed at record highs in New York on May 26, led by a surge in Micron Technology after UBS sharply raised its price target and fueled gains across semiconductor stocks.
The S&P 500 rose 45.65 points, or 0.61%, to 7,519.12, while the Nasdaq added 312.21 points, or 1.19%, to 26,656.18. Both indexes finished at record closing highs.
The Dow Jones Industrial Average, however, fell 118.02 points, or 0.23%, to 50,461.68 as uncertainty over U.S.-Iran ceasefire talks flared again.
Micron soared 19.29%, lifting its market capitalization above $1 trillion. UBS tripled its price target on the company, bolstering investor sentiment.
In a report, the bank said the market was beginning to assign Micron a more "normal" valuation multiple and that the re-rating would continue as the details of the structural changes artificial intelligence has brought to the memory industry become clearer.
Micron's rally also sent storage stocks such as Western Digital and Sandisk sharply higher.
Advanced Micro Devices jumped 7.78% after news of mass production for a new product.
The Philadelphia Semiconductor Index climbed 5.53%.
Nvidia, however, ended slightly lower as investors continued taking profits after its earnings report.
Oil prices rebounded after the U.S. increased pressure on ceasefire talks with Iran through airstrikes targeting the country.
U.S. Central Command said the previous day that it had struck several targets in southern Iran near the Strait of Hormuz in self-defense, targeting Iranian vessels attempting to lay naval mines and missile launchers.
On ICE Futures Europe, July Brent crude settled 3.6% higher at $99.58 a barrel.
Secretary of State Marco Rubio told reporters in Jaipur, India, that there appeared to be extensive back-and-forth over the specific wording of an initial document for ceasefire talks with Iran. The process would probably take a few days, he added.
Han Gyeong-u, 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.
