Key Market Movements
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Micron Technology surged 10.1% on October 17, 2023, following Morgan Stanley’s prediction that memory prices could rise by 25% due to ongoing AI demand.
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3M’s stock rose 9.8% after it reported better-than-expected earnings and provided positive guidance for the second half of the year.
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As of 11:31 a.m. ET, the Nasdaq Composite was up 1.3%, the S&P 500 rose by 0.7%, and the Dow Jones Industrial Average increased by 0.6%, all driven by gains in the semiconductor sector.
The semiconductor rally was broad, with the iShares Semiconductor ETF climbing 5.2%. Notable gains included SK Hynix at 10.9% and NVIDIA increasing 1.5%, bolstered by new product details. The oil price exceeded $91 per barrel due to tensions in the Strait of Hormuz.
Investors anticipate upcoming earnings reports from major companies like Alphabet and Tesla this week, with 87% of S&P 500 companies having exceeded earnings expectations thus far.
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