The Dow Jones Industrial Average celebrated its 130th anniversary amid a mixed trading environment. The S&P 500 and Nasdaq Composite reached new highs, largely fueled by Micron's impressive stock performance, which saw a 19% increase, pushing its market capitalization past $1 trillion.
This rally in Micron has positively influenced other semiconductor stocks, including SK Hynix, which also joined the $1 trillion market cap club. However, not all companies are experiencing growth; Dick's Sporting Goods reported a slight earnings miss due to acquisition-related expenses, despite achieving positive revenue growth.
In political news, Texas Attorney General Ken Paxton won the GOP nomination for the upcoming Senate election, which could be one of the most expensive in U.S. history. Additionally, geopolitical tensions have caused Brent oil prices to rise, with analysts predicting further increases due to potential disruptions in the Strait of Hormuz.
Lastly, discussions about a possible merger between SpaceX and Tesla have surfaced, indicating a strategic alignment between the two companies, while American Airlines plans to implement SpaceX's Starlink for in-flight internet services