The S&P 500 and Nasdaq indices opened near all-time highs on Thursday, buoyed by stronger-than-expected earnings from Micron Technology, which reinforced investor confidence in the booming artificial intelligence sector. Investors also weighed several fresh economic reports.
At the opening bell, the Dow Jones Industrial Average (.DJI) rose 101.6 points, or 0.24%, to 43,084.07. The S&P 500 (.SPX) climbed 19.9 points, or 0.33%, to 6,112.09, while the Nasdaq Composite (.IXIC) advanced 88.6 points, or 0.44%, to 20,062.19.
Micron Technology Inc. topped Wall Street estimates for its fiscal third quarter, driven by surging demand for high-bandwidth memory chips used in AI applications. The company reported record revenue of $9.3 billion, a 37% year-over-year increase, surpassing analyst expectations of $8.9 billion. Adjusted earnings reached $1.91 per share, beating forecasts of $1.60.
“We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while making disciplined investments to strengthen our technology leadership and manufacturing excellence to meet growing AI-driven memory demand,” said CEO Sanjay Mehrotra.
For the third quarter of fiscal 2025, Micron reported $2.66 billion in net capital expenditures and $1.95 billion in adjusted free cash flow. The company ended the quarter with $12.22 billion in cash, marketable investments, and restricted cash. Additionally, Micron’s Board of Directors declared a quarterly dividend of $0.115 per share, payable on July 22, 2025, to shareholders of record as of July 7, 2025.
Meanwhile, S&P 500 and tech-heavy Nasdaq ended Wednesday less than 1% below their all-time highs, buoyed by a reduction in geopolitical tensions in West Asia. Contributing to the market’s positive sentiment, U.S. President Donald Trump announced plans to hold talks with Iran next week aimed at securing a commitment from Tehran to end its nuclear ambitions, a key factor behind Israel’s recent military actions.