What happened: Micron (MU) stock jumped 4% on Tuesday, extending a rebound from the prior session. Memory and storage maker SanDisk (SNDK) also popped, along with custom chipmaker Marvell Technology (MRVL).
What’s behind the move: The semiconductor complex was poised for a second day of gains, recovering much of Friday’s losses after a broad market sell-off sparked by fears that the Federal Reserve may have to hike rates to combat rising inflation.
The advance on Tuesday came ahead of Wednesday’s Consumer Price Index (CPI) report, giving investors clues over how policymakers may react at its next meeting in June.
What else you need to know: Semiconductor stocks have been at the center of the artificial intelligence trade this year, pushing the broader markets to all-time highs.
Memory chip manufacturer Micron has been a leader within the complex, topping $1 trillion market cap last month. Its peers, Samsung Electronics (005930.KS) and SK Hynix (000660.KS), which also rallied on Tuesday, crossed the $1 trillion threshold last month.
Meanwhile, Marvell Technology (MRVL) is set to join the S&P 500 (^GSPC) index as of June 22. News of its inclusion sent shares soaring on Monday, with gains extending into Tuesday’s session.
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
Click here for the latest technology news that will impact the stock market
Read the latest financial and business news from Yahoo Finance
Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre.
