Micron Beats Estimates, Spurs TSX Gains 0.9%

Micron Beats Estimates, Spurs TSX Gains 0.9%

Canadian equity markets turned positive on Thursday as the S&P/TSX Composite rose 0.9% and the S&P/TSX 60 index gained 0.7% by 12:22 pm ET. The rally followed a down‑beat Wednesday session in which the Composite had fallen 191.29 points (‑0.55%) to close at 34,736.09 and the TSX 60 slipped 0.30% to 2,049.68.

Micron Technology Results

Memory‑chip maker Micron Technology Inc (NASDAQ:MU) reported fiscal third‑quarter results for the quarter ended May 28. Adjusted earnings were $25.11 per share on record revenue of $41.46 billion, comfortably surpassing analyst consensus estimates of $20.49 per share and $35.69 billion in revenue. The company issued guidance for the upcoming fiscal fourth quarter that projects revenue between $49 billion and $51 billion and earnings per share ranging from $30.00 to $32.00. Management also indicated an expected gross margin of 86% for the quarter and said that memory‑supply constraints were showing little sign of easing. The strong outlook lifted Micron shares about 18.5% in pre‑market trading.

U.S. Futures Reaction

U.S. equity index futures surged in the pre‑market session. Nasdaq‑100 futures climbed 2.32% to 30,199.00, S&P 500 futures rose 0.81% to 7,488.25, and Dow Jones futures edged up 0.27% to 52,422.00, reflecting renewed optimism in technology and chip‑making stocks after Micron’s earnings beat and guidance.

Commodity Markets

Gold prices rebounded modestly, with Gold Futures gaining 0.51% to $4,029.27 per ounce and the XAU/USD spot rate rising 0.35% to $4,013.12.

Crude oil prices reversed earlier declines and moved higher. WTI futures were up 1.9% at $71.64 per barrel, while Brent futures increased 1.6% to $75.06 per barrel. U.S. Energy Secretary Chris Wright noted that flows through the Strait of Hormuz had returned to pre‑conflict levels, with at least 20 million barrels exiting the strait in the previous 24 hours, though full normalization would require de‑mining of the waterway.

Market Context

The positive momentum in the TSX was driven primarily by the revival of the global artificial‑intelligence‑related technology sector, as highlighted by Micron’s earnings beat and the subsequent uplift in U.S. technology futures.