Wall Street Today | MU Leads, Chinese Stocks Follow while S&P 500 Hits Highs

Rain was falling on Wall Street Thursday, but the market was climbing. S&P 500 hit a closing high. The Chinese Golden Dragon index $NASDAQ Golden Dragon China (.HXC.US)$ climbed nearly 11% for the day, the most since 2022.

Just past 4 pm ET, the $S&P 500 Index (.SPX.US)$ traded +40 bps, an all time closing high, the $Dow Jones Industrial Average (.DJI.US)$ climbed 60 bps, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 66.

According to a Benzinga report, the Chinese government announced further stimulus on Thursday. $Bilibili (BILI.US)$ climbed 15% $Jabil (JBL.US)$ posted earnings Thursday, impressing investors into an 11% stock climb.

$Singles' Day Sales (LIST2998.US)$, a list created by moomoo that tracks companies that sell during the 'Singles Day' November 11th sale event in China, shot up 4%.

$PDD Holdings (PDD.US)$ climbed 14%, growing alongside $Alibaba (BABA.US)$ climbing 10%, and $JD.com (JD.US)$ led the pack up a whopping 14%. 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.

$Micron Technology (MU.US)$ 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.

Costco Wholesale $Costco (COST.US)$ reported quarterly earnings of $5.29 per share which beat the analyst consensus estimate of $5.08, but quarterly sales missed estimates.

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