Stock Market Impact: S&P 500 rose 0.5% to 7,509.77, Nasdaq up 0.9% to 26,584.60, both hitting intraday all‑time highs; Dow slipped 0.4% to 50,389.58, dragged by Chevron and UnitedHealth.
Listed Companies and Sectors: Micron Technology surged ~21% intraday, lifting its market cap above $1 trillion; UBS raised Micron price target to $1,625 (up 116% from $751). Joyy (U.S.-listed Chinese live‑streaming platform) jumped >17% on strong Q1 revenue. Semiconductor sector led gains, Philadelphia Semiconductor Index set record high.
Investment Flows: Rotation into memory and storage stocks; small‑ and mid‑cap names benefited as investors took profits from mega‑caps. Hedge funds identified as dominant new buyers of U.S. Treasuries amid reduced demand from banks and foreign investors.
Interest Rates, Inflation, and Liquidity: U.S. 10‑year Treasury yield fell 7 basis points to 4.504%; bond market awaiting core PCE price index later in week. Mark Zandi noted rising Treasury supply and budget deficit pressures on yields.
Fiscal or Monetary Policy: No direct policy announcement; discussion of upcoming core PCE data as Fed’s preferred inflation gauge; commentary on budget deficit and Treasury issuance.
