Micron’s announcement of $22 billion in customer commitments for memory chips, paired with Qualcomm’s $15 billion revenue forecast, served as the primary catalyst for the rally. European equities mirrored this momentum, as the STOXX 600 rose 0.44% and the region's tech subindex climbed 2%. Market participants appear to be prioritizing strong chip-sector performance over broader valuation anxieties.
Energy markets reacted to cooling geopolitical tensions as tanker traffic through the Strait of Hormuz stabilized, causing oil prices to slide. This shift in energy costs offered a secondary boost to sentiment by tempering inflation fears. Meanwhile, U.S. Treasury yields shifted to account for evolving Federal Reserve policy expectations, leaving gold prices to struggle against a strengthening dollar.
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