Finance

Micron Technology shares surged over 15% after reporting quarterly revenue and profit that significantly exceeded analyst expectations, fueled by intense demand for AI-related memory components. This strong performance revitalized the semiconductor sector, lifting other memory-focused companies like Sandisk and Western Digital even as broader tech sentiment remained cautious.

The May Personal Consumption Expenditures (PCE) price index rose 4.1% annually, aligning with economist forecasts and reaching a three-year high. Following the report, Treasury yields edged lower as the data suggested inflation was behaving as expected, providing some relief to the bond market despite ongoing concerns about the Federal Reserve's future interest rate path.

Bitcoin prices tumbled below the $60,000 level for the first time since early March, reaching multi-year lows as part of a wider retreat in digital assets. The selloff was intensified by nearly $900 million in liquidations over a 24-hour period and substantial outflows from spot Bitcoin ETFs as investors shifted away from riskier holdings.