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June 25, 2026 - 16:15
3 minutes
(Bloomberg) — A rally in chipmakers lifted stocks as Micron Technology Inc.’s blowout outlook bolstered confidence in the artificial-intelligence trade, with the market also buoyed by data showing a solid economy and in-line inflation.The rebound in the high-profile group of semiconductor firms halted a rout driven by worries over whether the unprecedented spending on AI will be justified. Micron surged 11%. The S&P 500 briefly fell after Apple Inc. led a slide in megacaps. Brent oil erased all of its wartime gains after flows through the Strait of Hormuz ramped up following progress on a US-Iran peace deal. Short-dated Treasuries outperformed.US consumer spending accelerated in May even as prices rose at the fastest pace in more than three years, suggesting Americans are powering through the fallout from the Iran war. A separate report showed the US economy grew at an annualized 2.1% pace in the first quarter, faster than previously estimated.While those figures will likely leave the Federal Reserve under pressure to keep interest rates elevated, the recent pullback in energy costs prices could help ease inflationary pressures in the months ahead.“The worst of inflation and consumer angst may be mostly behind us,” said Brian Jacobsen at Annex Wealth Management. “As long as gasoline prices trend lower, inflation expectations will likely follow suit.”Corporate Highlights:Apple Inc. took the extreme measure of raising prices of Macs, iPads, home devices and the Vision Pro on Thursday, seeking to offset cost hikes caused by an unprecedented shortage of memory chips and storage. Qualcomm Inc. jumped after the chipmaker forecast annual sales of more than $15 billion from artificial-intelligence components in data centers by fiscal 2029. Jefferies Financial Group Inc. posted second-quarter earnings that missed analysts’ estimates as fees declined from a business overseen by its asset-management unit, which bet on the embattled auto-parts supplier First Brands Group. Darden Restaurants Inc.’s same-store sales at Olive Garden trailed expectations, raising questions about demand at the company’s largest chain and overshadowing better-than-expected earnings. Spices and seasonings maker McCormick & Co. reported second-quarter profit that beat estimates, buoyed by higher prices and a tariff refund, and reaffirmed its full-year guidance. Some of the main moves in markets:StocksThe S&P 500 rose 0.4% as of 10:10 a.m. New York time The Nasdaq 100 rose 0.5% The Dow Jones Industrial Average rose 1.1% The Stoxx Europe 600 rose 0.9% The MSCI World Index rose 0.5% CurrenciesThe Bloomberg Dollar Spot Index fell 0.2% The euro rose 0.2% to $1.1377 The British pound rose 0.3% to $1.3209 The Japanese yen was little changed at 161.68 per dollar CryptocurrenciesBitcoin fell 2% to $59,645.87 Ether fell 2.4% to $1,571.97 BondsThe yield on 10-year Treasuries declined three basis points to 4.36% Germany’s 10-year yield declined one basis point to 2.85% Britain’s 10-year yield was little changed at 4.68% CommoditiesWest Texas Intermediate crude rose 0.2% to $70.46 a barrel Spot gold rose 0.5% to $4,018.98 an ounce ©2026 Bloomberg L.P.
