Key Takeaways
- Major U.S. indexes gained at midday Thursday as chip stocks surged, led by Micron Technology after the memory chip maker reported strong sales driven by AI demand.
- Shares of Southwest Airlines took off as the carrier, which as been under pressure from activist investor Elliott Investment Management, laid out a three-year turnaround plan.
- Super Micro Computer shares tumbled following a report the company is being investigated for alleged accounting violations.
U.S. equities advanced at midday Thursday as chip stocks surged, led by Micron Technology (MU) after the memory chip maker reported strong sales driven by AI demand. The Dow, S&P 500, and Nasdaq all rose.
Jabil Circuit (JBL) shares also jumped after the company reported revenue that topped estimates, announced a restructuring, and gave an upbeat outlook.
Shares of Southwest Airlines (LUV) took off as the carrier, which as been under pressure from activist investor Elliott Investment Management, laid out a three-year turnaround plan.
CarMax (KMX) shares rose after the biggest U.S. used car retailer posted better-than-anticipated results on higher retail vehicle sales.
Super Micro Computer (SMCI) was the worst-performing stock in the S&P 500 following a report that the Justice Department is investigating the tech firm over alleged accounting violations.
Shares of Diamondback Energy (FANG) and others in the oil industry sank along with crude futures after Saudi Arabia committed to a production increase.
Pfizer (PFE) shares dropped as the pharmaceutical firm withdrew all of its sickle cell disease drug, Oxbryta, worldwide because of safety concerns.
Prices for gold and silver rose. The yield on the 10-year Treasury note was up. The U.S. dollar gained on the yen, but fell to the euro and pound. Most major cryptocurrencies traded higher.
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