Micron Jumps 12%, Fuelling Rebound in Tech Stocks – Europe Market Wrap
Stocks gained after the top US memory chip maker issued an upbeat prediction, sparking a rally in tech equities on a busy day of data and central bank meetings.
Futures for the Nasdaq 100 rose 0.8%, while those for the S&P 500 increased 0.5%. Micron shares rose more than 12% in premarket trade after the company announced a sales forecast that exceeded expectations. Tesla climbed 1.6%, leading advances among the Magnificent Seven megacaps.
Thursday’s significant events for financial markets include the release of US inflation statistics for November, as well as a monetary policy decision from the ECB. In the UK, the BoE cut interest rates by an expected 25 bps, sending gilt yields up and warning that future easing choices would be tightly balanced.
Thursday’s improved tone is assisting investors in recouping losses from the previous session’s roughly 2% drop in the Nasdaq 100, which was fuelled by renewed questions about artificial-intelligence leaders’ ability to justify their high valuations and aggressive expenditure. The dispute has fuelled market volatility for weeks, particularly after the sector led the S&P 500 higher for the third year in a row.
The Dollar remained largely unchanged, while Bitcoin surpassed $87,000. Oil prices rose for the second day in a row as geopolitical worries in Venezuela and Russia bolstered prices, which had fallen due to a pessimistic oversupply outlook.
