Another surge for Micron, Wall Street’s latest $1 trillion company, sends US stocks to records
The U.S. stock market hit record highs on Tuesday, driven by Micron Technology’s 19.3% surge to $895.88, pushing its valuation toward $1 trillion, while oil prices fluctuated amid ongoing tensions in Iran. The S&P 500 and Nasdaq set new records, though the Dow Jones dipped slightly, as investors reacted to mixed signals on Iran negotiations and geopolitical conflicts.
The U.S. stock market reached new record highs on Tuesday, with the S&P 500 climbing 0.6% to 7,519.12 and the Nasdaq composite rallying 1.2% to 26,656.18. Micron Technology led gains, surging 19.3% to $895.88 after UBS analysts raised their 12-month price target to $1,625, citing strong demand for computer memory. The company’s stock has tripled this year, making it the latest Big Tech firm to approach a $1 trillion valuation, joining Nvidia, Apple, and Microsoft. Meanwhile, the Dow Jones Industrial Average dipped 0.2% to 50,461.68 after peaking earlier. Oil prices saw mixed movements, with Brent crude rising 3.5% to $96.67 and U.S. crude falling 2.8% to $93.89, reflecting ongoing geopolitical tensions in Iran. The U.S. military conducted self-defense strikes in southern Iran, including missile launch sites and boats placing mines, while global markets reacted to President Donald Trump’s comments that Iran negotiations were proceeding well. Stocks tied to high fuel costs rose, including United Airlines (+6%) and Norwegian Cruise Line Holdings (+4.9%). AutoZone fell 9% after reporting weaker-than-expected revenue, though profits exceeded forecasts. CEO Phil Daniele attributed underperformance to lower sales in Brazil and Mexico. Lower oil prices eased pressure on bond yields, with the 10-year Treasury yield dropping to 4.49% from 4.56%. The shift provided relief after recent yield increases, which had threatened to slow economies and weigh on stock prices. The market’s performance followed a global rally the prior day, though gains outside the U.S. reversed amid continued conflict in the region.
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