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Home / Business / Chipmaker shares gain early share price gains following Micron's results

Chipmaker shares gain early share price gains following Micron's results



  • Micron shares hit more than 12% at the opening, which is critical for chip makers.
  • Mnuchin informs CNBC that "we were about 90% on the way there" Russia Interference Report on July 17

US stocks were able to partially recoup the loss of the previous day in early trading on Wednesday, as semiconductor stocks jumped off the benchmark Quarterly results from Micron Technologies on late Tuesday.

Comments by Treasury Secretary Steven Mnuchin indicated that a Sino-US trade deal was not far from complete, including some modest shopping on Wall Street.

The Dow Jones Industrial Average

YMU19, + 0.11%

increased by 50 points, or 0.2%, to 25,599 points over the S & P 500

ESU19, + 0.11%

) rose 7 points, or 0.3%, to 2,924, while the Nasdaq Composite Index

NQU19, + 0.76%

climbed 68 points or 0.9% to 7,952.

Mnuchin told CNBC that Beijing and Washington are approaching a customs agreement. "We were about 90% on the way there (with a deal) and I think there is a way to get this done," he told the Bahrain Financial Network.

The US Secretary of the Treasury said he was "hopeful" that an agreement could be reached, as the market opened for a side talk between President Donald Trump and Chinese President Xi Jinping at the 20-member group meeting in Osaka, Japan , wait Friday.

President Trump, who joined Fox Business on Wednesday, said he was glad to collect Chinese tariffs if the talks failed.

Concerns about the escalation of trade tensions between China and the United States, the world's largest economies, have led to growing uncertainty about the health of the world economy, and at least partially helped central banks around the world signal their readiness to re-establish a new one Wave of economic impulses.

On Tuesday, equity markets suffered one of the worst falls in about a month, led by a sell-off of news-related information technology stocks, also among the risky assets that contributed to the S & P 500 index

SPX, + 0.22%

last week on the first record since April 30th. Even with yesterday's slide, the Dow Jones Industrial Average

DJIA, + 0.26%

is about 1% below its record of October 3, while the technically demanding Nasdaq Composite Index

COMP, + 0.78%

is within range of the all-time high of May 3, although 121 points or 1.5% were abandoned in the previous session. The slump on Tuesday came when US Federal Reserve Chairman Jerome Powell told the New York Foreign Relations Council that a July interest rate cut was not a closed deal, and stressed that central banks would continue to bail the economy and Currency monitor "grappling" with signs of weakness to avoid a jerky response when it comes to recalling the benchmark rates.

James Bullard, president of the US Federal Reserve in St. Louis, said he does not plead for overly hawkish federal funds rates by 50 basis points when the US Federal Reserve meets next month.

According to the CME Group's FedWatch tool, Wall Street currently has the opportunity to cut interest rates by 100% in July.

Read: Fed Bullard says he does not advocate cut interest rates by half in July

Check out : Powell says the Fed is "struggling" to get the Lower Interest Rates [19659005] "If we position ourselves ahead of the Trump-Xi G20 summit, investors might see the game perform better than expected," said Edward Moya, senior market analyst at Brokerage Oanda, in a daily study Note.

"Resetting the talks is likely to become the baseline scenario, and if we see a timetable, we could see stocks continue their march towards new territory," he said.

On Wednesday, there was more bad economic data. Durable goods orders fell 1.3% in May, burdened by Boeing Co

BA, + 1.24%

suffer from grounded 737 MAX jets.

Check [ou] t Durable goods orders fall 1.3% in May, but corporate investment is reassuringly recovering

A separate report on international goods trade also showed that the US Trade deficit has risen by 5.1% The same month was wider than expected.

Read: US trade deficit up 5.1% to $ 74.5 billion in May.

Market participants may also observe the White House in part after reports said Special Adviser Robert Müller will testify before the Justice and Intelligence Committee of the House on 17 July. The Democrats wanted to personally hear from Muller regarding his investigation into Russian interference in the 2016 elections and the possible obstruction of justice by President Donald Trump.

Which titles are in focus?

Shares of Apple Inc.

AAPL + 2.49%

were the focus of several reports after the iPhone maker and tech giant launched the Autonomous Driving Startup Drive. ai had acquired. Apple confirmed the deal with both Axios and the San Francisco Chronicle. Apple shares rose 2% on Wednesday's earliest.

Micron Technology Inc . shares

MU, + 12.97%

rose 11% on the early trading day after the memory chip maker's earnings surpassed lower quarterly expectations and fourth-quarter executives said an improvement predicted, although the actual numbers were still low expectations.

That was good news for other semiconductor companies. Shares of Advanced Mico Devices

AMD + 4.09%

climbed 5%; Nvidia Corp. .

NVD, + 4.00%

5% and shares of the exchange-traded semiconductor fund iShares PHLX Semiconductor ETF

SOXX, + 3.30%

climbed 1.8%.

Boeing shares rose 0.5% on Wednesday in the early stages.


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