Wall Street Closes Higher as Micron Rebound Lifts Semiconductor Stocks

The three major U.S. stock indices closed slightly higher across the board following a rollercoaster session.

The Nasdaq rose 0.04%, and the S&P 500 gained 0.19%.

By sector, materials dropped 2%, while energy and tech stocks rose by around 1%.

The stock market faced strong downward pressure early in the session as the 10-year Treasury yield surged past 5.3% intraday, marking its highest level since 2002.

This was driven by mounting inflation concerns as input price indices for raw materials surged amid a solid real economy, while international oil prices maintained their strength above the $90 mark.

However, the market mood reversed late in the session.

As fatigue accumulated from the steep rise in interest flows, bargain hunting entered the bond market. Additionally, remarks from high-ranking officials including Federal Reserve Vice Chair Philip Jefferson stating there is no need to rush further rate hikes caused yields to fall, calming the market.

Among individual stocks, Micron posted a gain of over 3% after reporting strong earnings fueled by surging demand for AI memory, leading a broader rebound in semiconductor shares.

Investors' attention is now turning to the U.S. September employment report, which is scheduled to be released tonight at 9:30 PM (October 2).

This has been Wall Street news.
※ Please note: This article was translated by AI and may contain errors.