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Here’s what’s happening in the stock market today:
The stock market is showing strong gains today as chip stocks surge after Micron Technology's blowout earnings, lifting Nasdaq futures and prompting a tech-led rebound. 📈🚀 Nasdaq futures jumped 2.25%, S&P 500 futures rose 0.75%, and Dow futures climbed 0.21%, signaling a sharp reversal from Wednesday's selloff. Micron Technology surged after posting record $41.46B revenue (16% above estimates), briefly overtaking Meta's valuation and touching Tesla's. Chips rallied across the board: Qualcomm and Intel boosted after hours, Nvidia and AMD advanced on AI demand. FedEx and Cerebras gained, while airlines rose on lower oil prices. Oil collapsed to ~$88 after US-Iran deal signs emerged. Gold nears $3,146. PCE inflation data is due today (May CPI hit 4%—highest in three years). The Fed is expected to hold rates in July and hike in September. JPMorgan raised its S&P 500 target to 7,800. 💰🛢️
Major Indices Performance 📊
S&P 500 futures up 0.75% (+55.50 pts), recouping after two straight sessions of declines.
Dow Jones futures gained 0.21% (+110 pts), closing at 51,747.11 (+0.35%) on Wednesday.
Nasdaq futures led with 2.25% (+664.50 pts), rallying on chip optimism after Micron's earnings beat.
Market Movers 🚀
Micron Technology surged after record Q3 earnings, briefly overtaking Meta's and Tesla's valuation.
Qualcomm and Intel surged after hours on strong AI infrastructure demand; Nvidia and AMD advanced.
FedEx and Cerebras gained on premarket strength; Wendy's and KB Home were mixed among smaller-cap names.
Airlines such as JetBlue, Delta, and United rose as oil prices fell on hopes for easing Middle East tensions.
JPMorgan raised its S&P 500 2026 target to 7,800, citing AI-driven earnings momentum.
Key Events Driving the Market 🗞️
Micron's record earnings beat ($41.46B revenue, 16% above estimates) fueled an AI-chip rebound and pushed Nasdaq futures higher.
PCE inflation data is due today; May CPI reached 4%, the highest level in three years.
Signs of progress in Middle East shipping and energy negotiations pushed oil down to around $88, easing inflation concerns and supporting airline stocks.
JPMorgan raised its S&P 500 year-end target to 7,800, pointing to an AI-led earnings boom and a resilient economy.
The Nasdaq 100 shed more than $1 trillion in market value over two days before today's rebound, as investors returned to technology stocks following Micron's results.
Investor Sentiment 👀
Overall sentiment is cautiously bullish as Micron's strong earnings and optimism around AI-related demand outweigh inflation concerns. Trading volumes remain elevated, with investors balancing enthusiasm for technology and AI growth against persistent inflation pressures and the prospect of higher interest rates later this year. 🐂⚡
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TRADE OF THE DAY:
GILD
Name: Gilead Sciences, Inc.
Symbol: GILD
Current Price: Approximately $125.66
Trade
Sell to Open: 1 GILD Jul 17, 2026 135/140 Call Vertical
Total Credit Received: $33.00
Credit per Contract: $33.00 (for one contract covering 100 shares)
Direction: Bearish (expects GILD to stay below the short call strike)
Probability of Profit (PoP): 88.2% (as provided)
Potential ROI:
Max Risk (Loss): $467.00
ROI: ($33.00 ÷ $467.00) × 100 ≈ 7.1%
Trade Explained in Simple English:
You are entering a bear call spread by selling the $135 call and buying the $140 protective call, both expiring on July 17, 2026. You receive $33.00 upfront when opening the trade. The position profits if GILD stays below approximately $135.33 (your break-even price) through expiration, allowing you to keep the entire credit. Your maximum profit is limited to the $33.00 credit received, while your maximum loss is capped at $467.00 if GILD finishes above $140 at expiration.
Wall Street Highlights:
News Beyond the Numbers
JPMorgan elevated Doug Petno and Troy Rohrbaugh to co-presidents, a major leadership reshuffle that sharpens succession planning around CEO Jamie Dimon. Read More
Morgan Stanley’s early backing of private-credit lender Market Financial Solutions has come under scrutiny after the firm's collapse triggered regulatory investigations and significant losses for lenders. Read More
Jefferies missed profit expectations despite record investment-banking revenue, as weakness in its asset-management business weighed on overall results. Read More
Federal Reserve stress-test results showed major U.S. banks could withstand a severe economic downturn, prompting several firms to announce large buyback and dividend plans. Read More
Investment bankers are seeing a surge in IPO and advisory activity, with private-equity-backed companies increasingly preparing public listings as dealmaking momentum builds. Read More
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