Finance

Micron Technology shares surged more than 15% after the memory chipmaker reported quarterly revenue and profit that significantly exceeded Wall Street expectations. The company provided a bullish growth forecast driven by unrelenting demand for artificial intelligence data center components, lifting other industry peers such as SanDisk and Western Digital. Despite the strong performance in the chip sector, it was not enough to pull the broader tech-heavy Nasdaq into positive territory.

The cryptocurrency market faced significant pressure as Bitcoin dropped below the $60,000 threshold for the first time since early 2024. Market sentiment has been dampened by seven consecutive weeks of net outflows from U.S. spot Bitcoin ETFs, leading to nearly $1 billion in crypto futures liquidations over a 24-hour period. While some analysts see potential for further decline toward $55,000, others suggest current on-chain signals may indicate a nearing market bottom.

Crude oil prices fell to their lowest levels since February, completely draining the war premium associated with recent conflicts in the Middle East. Increased tanker traffic through the Strait of Hormuz has eased supply disruption fears, with Brent crude settling near $73 per barrel. This decline in energy costs has provided some relief to inflationary concerns and helped support performance in the industrial and travel sectors.