Stocks Rally as Micron Revives AI Bets, Oil Falls: Markets Wrap
(Bloomberg) — Stocks rallied across the world after Micron Technology Inc.’s blowout forecast reaffirmed the bull case for the artificial-intelligence trade. Sentiment drew further support from oil prices returning to prewar levels.
Nasdaq 100 futures advanced 2.2%, while those for the S&P 500 rose 0.8%. Micron jumped 16% in late US trading. Brent crude dropped 1.4% to below $73 a barrel following a ramp-up in flows through the Strait of Hormuz. Treasuries fell ahead of the release of the Federal Reserve’s preferred inflation gauge.
Signaling that the AI investment cycle was still robust, Micron’s earnings offered a strong shot in the arm for a tech-fueled rally that has spluttered in recent days. The report reinforced the view that the AI spending boom remains intact as technology giants race to expand data-center capacity.
“In a tech sector with strong growth and high expectations, we think investors will continue to look for signals that the AI adoption theme is playing out as expected,” said Richard Flax, chief investment officer at Moneyfarm. “Micron’s strong results are another data point that supports that positive thesis.”
The optimism was palpable in other regions too. A benchmark for Asian stocks advanced 1.5%, with Micron peers SK Hynix Inc. and Samsung Electronics Co. rallying in South Korea. The technology sector far outperformed a 0.4% gain in Europe’s Stoxx 600.
Attention now turns to the release of the US personal consumption expenditures price index for May. Forecasters expect the data to show acceleration on both a monthly and year-over-year basis.
“If that comes in near expectations or higher, then we see the dollar drive further north. And we could also see a dent in the positive risk sentiment,” said Nick Twidale, chief market analyst at AT Global Markets.
Meanwhile, China kicked off marketing up to €5 billion ($5.7 billion) of sovereign bonds in what could be its largest-ever such deal in euros. Separately, the nation’s central bank is introducing an overnight tenor into its open-market operations, a key step toward reshaping how it steers short-term borrowing costs.
Corporate Highlights:
EasyJet Plc said it has rejected another sweetened offer from Castlelake LP for £6.50 a share, the fourth time the discount carrier has turned down an approach from the US investment firm. The biggest US banks boosted their dividends after passing this year’s Federal Reserve stress tests, a hurdle that softened in recent years as regulators hash out new requirements. Anthropic PBC accused Chinese technology giant Alibaba Group Holding Ltd. of waging a large-scale effort to “illicitly” access its Claude artificial intelligence model using thousands of fraudulent accounts that undermine the US AI developer’s decision to keep its products out of China.
Some of the main moves in markets:
Stocks
The Stoxx Europe 600 rose 0.4% as of 8:33 a.m. London time S&P 500 futures rose 0.8% Nasdaq 100 futures rose 2.2% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index rose 1.5% The MSCI Emerging Markets Index rose 1.5% Currencies
The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1354 The Japanese yen was little changed at 161.82 per dollar The offshore yuan was little changed at 6.8079 per dollar The British pound rose 0.1% to $1.3182 Cryptocurrencies
Bitcoin rose 1.4% to $61,757.32 Ether rose 2.6% to $1,653.36 Bonds
The yield on 10-year Treasuries advanced two basis points to 4.41% Germany’s 10-year yield was little changed at 2.87% Britain’s 10-year yield advanced two basis points to 4.70% Commodities
Brent crude fell 1.4% to $72.73 a barrel Spot gold fell 0.4% to $3,984.26 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Shikhar Balwani.
©2026 Bloomberg L.P.
