Nasdaq Climbs to 25,568 as Micron's Blowout Earnings Spark Chip-Sector Rally

The Nasdaq Composite rose 91.99 points, or 0.36%, to close at 25,568.63 on Thursday, recovering from earlier in the week's turbulence as memory chip giant Micron Technology delivered a blowout earnings report that reignited optimism around AI infrastructure spending.

Micron's Earnings Spark a Rally

Stock futures climbed Thursday, boosted by Micron's blowout earnings report, as Wall Street also monitored the release of the Federal Reserve's preferred inflation gauge. Micron crushed Wall Street expectations in its fiscal third-quarter results, driven by strong demand and pricing for memory chips used in artificial intelligence data centers.

That result followed a remarkable run for the stock throughout 2026. Micron has had an astronomical run in 2026, with shares hitting a new all-time high on Monday and ending Tuesday at $1,051.77 per share, even after Tuesday's broader chip-sector selloff had pushed shares down sharply heading into the earnings report.

A Volatile Week Leading Up to Thursday

Thursday's gains came after a genuinely turbulent stretch for technology stocks earlier in the week. The Nasdaq Composite pulled back on Wednesday as Micron Technology shares fell, with investors looking ahead to the release of the chipmaker's earnings after the bell. The tech-heavy index slipped 0.43% to end at 25,476.64, while the S&P 500 declined 0.10% to 7,358.22. The Dow Jones Industrial Average added 182.06 points, or 0.35%, to end at 51,848.90.

That followed an even sharper decline earlier in the week. The Nasdaq (-2.21%) and S&P 500 (-1.44%) faced losses Tuesday as a global rout in technology stocks weighed on major indexes, with most of those declines driven by fears about the high-flying semiconductor sector. The selling started before the day even began, as South Korea's chip-heavy KOSPI index fell nearly double digits on the day.

Falling Oil Prices Provided an Offsetting Tailwind

Beyond the chip-sector volatility, easing energy prices have continued supporting the broader market throughout the week. Oil prices continued their decline Wednesday. International benchmark Brent crude futures lost 4.33% to settle at $73.74 per barrel, seeing its lowest level since before the U.S. and Israel first launched airstrikes against Iran at the end of February. U.S. West Texas Intermediate futures slid 3.92% to settle at $70.34 a barrel.

President Donald Trump said Wednesday that Iran has informed him there will be no tolls, insurance costs, or other charges for commercial ships passing through the Strait of Hormuz, adding further reassurance to markets already encouraged by the declining oil prices.

A Notable Senate Vote on Iran War Powers

Beyond the market-moving economic data, a significant political development unfolded in Washington late Wednesday tied to the broader Iran situation. Republican senators switched their votes on an Iran war powers resolution late Wednesday, hours after a contentious meeting that reportedly included a heated exchange with President Trump over opposition to the measure. Senators Bill Cassidy of Louisiana and Rand Paul of Kentucky had previously voted to advance the resolution, which would have given Congress the ability to block U.S. military action in Iran, but both ultimately withdrew their support following a closed-door lunch at the White House.

Alphabet Set to Join the Dow

In a significant index-composition development, Alphabet will replace Verizon in the Dow Jones Industrial Average, S&P Global said Tuesday, further expanding mega-cap technology's presence in the blue-chip average. The change reflects the continued growth of Alphabet's market value relative to Verizon's, even as Alphabet itself shed earlier gains to close down 0.2% on Wednesday after the announcement.

JPMorgan Announces Major Leadership Changes

Beyond the market-wide moves, JPMorgan Chase promoted two senior executives into newly created co-president roles, marking another step in CEO Jamie Dimon's long-running succession planning. Doug Petno and Troy Rohrbaugh, who have jointly led the bank's commercial and investment banking division since 2024, were named co-presidents effective immediately. Petno will become CEO of the commercial and investment banking division, while Rohrbaugh will lead consumer and community banking, replacing Marianne Lake, a 25-year JPMorgan veteran who will retire from the company.

SpaceX Continues Its Volatile Post-IPO Trading

Among the most closely watched individual stocks this week has been SpaceX, which completed the largest initial public offering in history on June 12, raising $75 billion through the sale of 555.5 million shares at $135 each. SpaceX inched up Wednesday and managed to close above its IPO price of near $150, though it was down more than 1.5% Thursday morning. The wild swings so far partially reflect news of a $25 billion debt sale that, according to Bloomberg, met a "skeptical audience" in the bond market, judging by its premium pricing.

Gold Falls Below $4,000 for the First Time in Months

Beyond equities, the broader market turbulence has also weighed heavily on precious metals prices this week. Gold futures with August delivery dipped below $4,000 for the first time in seven months, deepening their downturn amid the broader stock market slump, with the metal last trading around $3,987.30 — marking its first time below the $4,000 level since November 18, 2025.

Volatility Gauge Spiked Amid the Tech Selloff

The week's turbulence in technology stocks was reflected clearly in broader market volatility measures. The Cboe Volatility Index jumped nearly 13% to 19.49 on Tuesday, while tech volatility rose more sharply than broad-market volatility, suggesting investors were specifically hedging against a technology-led shakeout even as the broader market showed more resilience.

What's Ahead This Week

With Thursday's session benefiting from Micron's strong results, attention now turns to additional economic data due before the week concludes. May Personal Consumption Expenditures price data, the Federal Reserve's preferred inflation gauge, along with the final estimate of first-quarter GDP and May durable goods orders, were all scheduled for release Thursday, with the University of Michigan's final June consumer sentiment reading set to follow Friday.

With markets having weathered a sharp chip-sector selloff earlier in the week before rebounding on Micron's blowout results, investors will be watching closely for confirmation that this week's volatility reflected temporary profit-taking on crowded AI and semiconductor positioning rather than a more fundamental shift in sentiment toward the broader technology trade. Given the S&P 500's technology sector had climbed 27% over the prior three months heading into this week's turbulence, market participants will likely continue monitoring whether Thursday's recovery can be sustained into next week, particularly as additional inflation data and any further developments in the Iran situation continue to shape the broader macro backdrop for risk assets.