Nasdaq Leads Market Into Q4 as Micron's Blowout Earnings Validate AI Demand
IXIC sits 30% above its 52-week low of $20,690.249.
Summary
The Nasdaq Composite rose 0.24% to 26,861.06 on Wednesday, the only major US index to finish higher, while the S&P 500 lost 0.25% and the Dow dropped 0.86%. The index gained 1.9% in September, contrasting with a 0.45% decline for the S&P 500 and a 4.3% drop for the Dow. After the bell, Micron delivered a massive beat: Q4 revenue more than quadrupled to $54.23 billion versus a $51.07 billion consensus, and it guided Q1 revenue to $61.5 billion, well above the $57.02 billion expected. Customer commitments under long-term supply agreements jumped from $22 billion to $32 billion, and remaining performance obligations climbed from $100 billion to $150 billion, underscoring AI-driven demand. Softer inflation data (headline PCE 3.4% vs 3.7% expected) initially lifted the Nasdaq as much as 1.2%, but rising Treasury yields near 5.29% trimmed gains. October rate-increase expectations fell to 37% from 51%, a supportive shift for tech valuations. The combination of Micron's blowout and easing rate-hike odds gives technology the strongest momentum entering Q4.
At the time of this announcement, IXIC was trading at $26,861.06 on NASDAQ in the Technology sector. The 52-week trading range was $20,690.25 to $27,288.79. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Wiseek News.