Stock Market Today: Tech, Bank Stocks Lead Markets Higher
Shares closed with gains on Wednesday due to better performance of growth-oriented names. micron technology (MU (opens in new tab)) was one of the day’s biggest gainers after the memory chipmaker reported earnings and its CEO gave an upbeat outlook for the semiconductor market. Bank stocks also helped boost markets as Wall Street reported the news ubs group (UBS(opens in new tab), +4.3%) C-suite shake-up.
Taking a closer look at Micron, the company reported fiscal second-quarter earnings that were very different from last year’s results. MU reported a loss of $2.3 billion for the three-month period versus a year-ago profit of $2.14 per share. Revenue fell 53% to $3.7 billion.
However, the company has guided for better-than-expected current quarter results. Additionally, CEO Sanjay Mehrotra said during the earnings call that he sees a “gradual improvement in the supply/demand balance over the coming months”. MU shares rose 7.2% on this day, partner raised semiconductor stock Involved intel (INTC (opens in new tab), +7.6%) and NVIDIA (NVDA(opens in new tab), +2.2%).
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Financial stocks were another pocket of strength today. Supporting the sector was news that UBS Group has brought back former CEO Sergio Ermotti to help guide the company following its acquisition of a rival. credit Suisse (CS (opens in new tab), +2.8%). Ermotti previously served as chief executive at UBS from 2011–2020, and is credited with helping the company find its footing following the 2008 global financial crisis.
Also was running high lululemon athletica (LULU(opens in new tab)), which popped 12.7% after earnings. The athletic apparel maker reported better-than-expected fiscal fourth-quarter earnings of 94 cents per share on inline revenue of $2.8 billion. LULU also gave an upbeat revenue outlook for its new fiscal year.
nearby, tech-heavy Nasdaq Composite The blue chip was up 1.8% at 11,926. Dow Jones Industrial Average 32,717 and was up 1.0% on a broader S&P 500 had increased by 1.4% to 4,027.
The Kip 25: Our Favorite Low Cost Mutual Funds
The month of March has been one for the history books. Indeed, over the past 30 days, investors have had to contend with a Fed that was looking to increase the size Rate of interest The hike suddenly coincides with the worst banking crisis since the Great Recession – all of which sent government bond yields on a record-setting roller-coaster ride. Still, the S&P 500 and Nasdaq are poised to end the month at higher levels.
“What we’ve seen so far this March has been incredible in so many ways,” said Ryan Detrick, chief market strategist at The Carson Group. recent blog posts (Opens in new tab). “In fact, at the beginning of the month, if someone had told you all the incredible things that would happen, yet stocks would take it in stride, I’m not sure most of us would ever believe it.”
If nothing else, it’s a good reminder that those who keep a cool head prevail. That’s why investors struggling to shut out the noise want to let someone else guide them and their portfolio. We’ve recently updated our ongoing list of the best low cost mutual funds Investors can buy. Many of our picks have changed over the past year to keep up with the changing dynamics of both the market and the economy, but one thing has remained the same: Our Kiplinger 25 is made up of our favorite inexpensive funds managed by tenured stock pickers.