Stock Market Today: Tech, Bank Stocks Lead Markets Higher
Retailers were big gainers, too, thanks to strong earnings from Lululemon Athletica.
Stocks shut higher Wednesday as development situated names beat. Micron Innovation (MU(opens in new tab)) was one of the day’s greatest gainers after the memory chipmaker detailed profit and its Chief gave a perky viewpoint for the semiconductor market. Bank stocks helped support markets, as well, as Money Road cheered fresh insight about UBS Gathering’s (UBS(opens in new tab), +4.3%) C-suite shake-up.
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Investigating Micron, the organization revealed monetary second-quarter income that were a long ways from last year’s outcomes. MU recorded a $2.3 billion misfortune for the three-month time frame versus a year-prior benefit of $2.14 per share. Income drooped 53% to $3.7 billion.
Notwithstanding, the organization directed for higher-than-anticipated current-quarter results. Moreover, President Sanjay Mehrotra said during the profit call that he sees a “step by step further developing stockpile/request balance in the months ahead.” MU shares rose 7.2% on the day, lifting individual semiconductor stocks including Intel (INTC(opens in new tab), +7.6%) and Nvidia (NVDA(opens in new tab), +2.2%).
Monetary stocks were one more pocket of solidarity today. Setting up the area was news that UBS Gathering has carried back previous Chief Sergio Ermotti to assist with directing the organization following its takeover of opponent Credit Suisse (CS(opens in new tab), +2.8%). Ermotti previously filled in as CEO at UBS from 2011-2020, and he’s credited with assisting the organization with tracking down its balance after the 2008 worldwide monetary emergency.
Additionally moving higher was Lululemon Athletica (LULU(opens in new tab)), which popped 12.7% after profit. The athleisure clothing creator detailed higher-than-anticipated financial final quarter profit of 94 pennies for every offer on inline income of $2.8 billion. Humdinger additionally gave a peppy income viewpoint for its new monetary year.
At the close, the tech-heavy Nasdaq Composite was up 1.8% at 11,926, the blue chip Dow Jones Industrial Average was 1.0% higher at 32,717, and the broader S&P 500 had gained 1.4% to 4,027.
The Kip 25: our favorite low-cost mutual funds
The month of March has been one for the history books. Indeed, over the past 30 days investors have had to contend with a Fed that was looking to ramp up the size of interest rate hikes suddenly face the worst banking crisis since the Great Recession – all of which sent government bond yields on a record-setting roller-coaster ride. Still, the S&P 500 and Nasdaq are poised to end the month higher.
“What we’ve seen so far this March has been unbelievable in so many ways,” writes Ryan Detrick, chief market strategist at Carson Group, in a recent blog post(opens in new tab). “In fact, at the start of the month, if someone would have told you all the incredible things that would happen, yet stocks would take it in stride, I’m not sure most of us would ever believe it.”
If nothing else, this is a good reminder that those who keep calmer heads tend to prevail. That’s why investors who struggle with shutting out the noise might want to let someone else guide them and their portfolios. We’ve recently updated our running list of the best low-cost mutual funds investors can buy. Several of our picks have changed over the last year to account for the changing dynamics of both the market and the economy, but one thing has stayed the same: