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Micron Shares Fly, SMCI Falls on Alleged Probe | Moovin Stonks
Good morning, traders. Happy Thursday, September 26th, rain was falling on Wall Street, but the market was climbing overall: the S&P 500 opened at a new trading high, but breaking news this morning was stirring things up.
My name is Kevin Travers; here stonks and stories mooving the U.S. stock market today.
$Micron Technology (MU.US)$ shares flew 17% after the firm reported Q4 earnings Wednesday night that came in mixed, but projected 2025 Q1 revenue above the range estimated by analysts. The firm reported adjusted EPS of $1.18 vs estimates of $1.12. For the next quarter in its fiscal 2025, the firm expects revenue of $8.5B-$8.9B vs estimates of $8.3B. It was the highest on the S&P 500 and Nasdaq 100.
$Southwest Airlines (LUV.US)$ climbed 9% after the firm raised its Q3 revenue forecast and predicted next year's overall earnings would come in higher. The firm pledged it would begin charging for seat assignments in 2026.
$Super Micro Computer (SMCI.US)$ fell 13% after a WSJ exclusive that it faces a Justice Department probe. The firm faced accounting and reporting issues this quarter after a short report, and the WSJ said the firm faces an investigation concerning the same issues. The stock hit a circuit breaker as it fell.
$Wells Fargo & Co (WFC.US)$ jumped 4% after a Bloomberg exclusive report that the firm has reached a new checkpoint in its seven-year attempt to raise its Federal Reserve asset cap. Currently, the bank is capped at $1.7T, a level set in 2017, set by Janet Yellen to attempt to force the bank to address compliance and consumer complaints.
Within industries, $Singles' Day Sales (LIST2998.US)$, a list created by moomo that tracks companies that sell during the 'Singles Day' November 11th sale event in China, shot up 4%. $PDD Holdings (PDD.US)$ climbed 8%, growing alongside $Alibaba (BABA.US)$ climbing 8%, and $JD.com (JD.US)$ led the pack up a whopping 12%. The stocks jumped after Alibaba said it would pour $5.7B into its holiday sale plans. The stocks followed climbs earlier this week after the Chinese Central Bank lowered reserve requirements, a type of economic stimulus.
$Crude Oil Futures(FEB5) (CLmain.US)$ fell 2% to $68. $Bitcoin (BTC.CC)$ hovered at $64K. Gold and Silver climber to all-time highs again. The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Just past 11:16 am ET the $S&P 500 Index (.SPX.US)$ traded +26 bps, the $Dow Jones Industrial Average (.DJI.US)$ climbed 44 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 34.
In Macro, investors sorted through Q2 GDP updates, showing the economy grew at a rate of 3% in Q2. Initial jobless claims came in at 218k, in line with estimates.
Investors also heard from Fed Speakers Bowman and Powell, but neither spoke directly about rates or policy.
Interested in Options? To see these stocks and more on the options page, click here. Want to learn more about options, check out moomoo education with this link. Click here to join our exclusive options chat with personal callouts from our resident expert, Invest with Sarge.
Yesterday, users said Mexican cars were not their top priority, and that a recession in the U.S. would be hard to hide before an election cycle.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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isolo : oo
KREDIT OMEGA : Spy is crashing you idiot
ligiboy27 : Hello
Silverbat : Market might turn around after SMCI incident
Kevin Travers OP Silverbat : I'm thinking the same thing
Kevin Travers OP KREDIT OMEGA : We don't really cover ETFs, and also the S&P is literally at the highest it has been in human history, dropping right as I type but seriously zoom out
Meme_Short_Queen : Chinese Federal Bank.....
101897523 666 : China is pumping 1 Trillion. .this is beginning...we want to help Chinese to build the world, and to build us ,as I m building an old age home..if I recup my losses last year.
Kevin Travers OP Meme_Short_Queen : Central is a better word
Clement Lemons : okk
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