Market
September 22, U.S. stocks closed decisively higher as a surge in semiconductor shares reignited risk appetite. The Dow Jones Industrial Average rose 0.71%, the S&P 500 gained 1.49%, and the Nasdaq Composite vaulted 2.26%, easily outpacing the blue-chip benchmarks. Softer Treasury yields after a solid mid-week bond auction and fresh enthusiasm around artificial-intelligence hardware spending underpinned the advance, helping indexes shrug off lingering growth concerns.
AI hardware leaders dominated the leaderboard. ARM Holdings climbed 17.16% after unveiling new data-center designs, while the leveraged SOXL ETF rallied 14.77% on the sector’s momentum. Intel jumped 12.17% following upbeat foundry comments, Meta Platforms added 11.43% on expanded AI capex plans, and Advanced Micro Devices rose 9.95% on bullish server chip chatter. Marvell Technology advanced 5.38%, Nvidia gained 2.30% after hitting an early record, Tesla edged up 3.00% as analysts reiterated delivery forecasts, and Apple firmed 0.85% amid iPhone preorder strength. Declines were scant, with bear-side SOXS sinking 14.84%.
Broader tech and crypto names joined the rally. The TQQQ ETF soared 8.63%, Coinbase Global added 3.50% on higher bitcoin volumes, and Palantir Technologies improved 3.06% after winning a defense contract. VNET Group climbed 10.97%, while ARM-related supplier Broadcom rose 1.60%. On the flip side, Novo Nordisk fell 7.91% after weight-loss drug pricing scrutiny and SanDisk eased 1.41% in profit-taking.
News
Micron Technology reported stronger-than-expected quarterly revenue and guided above consensus. Management cited recovering demand for high-bandwidth memory used in AI servers, boosting confidence in a second-half chip rebound.
Intel announced an aggressive AI accelerator roadmap at its developer forum. The company said new Gaudi processors will sample this quarter, reinforcing the 12.17% stock surge and intensifying competition with Nvidia.
Meta Platforms unveiled a multi-billion-dollar expansion of its in-house compute clusters. The move aims to train larger language models and underscores the firm’s pivot toward AI infrastructure spending.
ARM Holdings disclosed a long-term architecture licensing pact with Apple. The deal secures royalty streams through 2040 and helped propel ARM shares more than 17%.
Advanced Micro Devices raised its full-year data-center revenue outlook. Executives highlighted growing traction for MI300 accelerators, sending the stock nearly 10% higher.
The Federal Reserve kept its benchmark rate unchanged and reiterated data-dependent guidance. The statement eased fears of additional tightening, contributing to lower yields and equity gains.
The Treasury Department’s 10-year note auction drew the strongest bid-to-cover ratio in six months. Robust demand pushed yields lower and provided tailwinds for rate-sensitive growth shares.
The Energy Department reported a larger-than-forecast 4.7-million-barrel draw in crude inventories. The decline supported energy equities and calmed concerns about oversupply.
The Securities and Exchange Commission opened a formal comment period on multiple spot Ethereum ETF filings. Market participants viewed the step as incremental progress toward eventual approval, boosting crypto-linked stocks.
The Labor Department said weekly jobless claims fell to their lowest level since July. The data signaled ongoing labor-market resilience and tempered recession worries.