The three major U.S. stock indexes opened higher as the November consumer price index (CPI) came in below market expectations and on the back of earnings reports from big tech.
As of 10:54 a.m. on the 18th (local time) at the New York Stock Exchange, the Dow Jones Industrial Average was up 381.91 points, or 0.80%, at 48,282.94. The Standard & Poor's (S&P) 500 was up 87.19 points, or 1.30%, at 6,808.05, and the Nasdaq composite was up 475.22 points, or 1.94%, at 25,125.76.
With November's CPI coming in below expectations, hopes for a Federal Reserve rate cut grew in the market. The Bureau of Labor Statistics (BLS) under the Department of Labor said on the 18th that U.S. consumer prices last month rose 2.7% from a year earlier. That was slower than the month-over-month increase of 0.3% in September. Because inflation data for October were not collected due to a U.S. federal government shutdown, the release covered cumulative changes over two months.
By stock, U.S. semiconductor maker Micron extended gains. Micron shares are currently up 11.27% from the previous session. Micron led a rebound in tech after posting solid fiscal year first-quarter results after the close the prior day. First-quarter revenue was $13.64 billion, topping the market estimate of $12.84 billion and marking a record high for a quarter.
First-quarter adjusted earnings per share (EPS) were also $4.78, above the $3.95 estimate. Guidance also beat market expectations. Revenue for the fiscal year second quarter ending in late February next year is projected to reach $18.3 billion to $19.1 billion. That far exceeds the $14.4 billion average second-quarter estimate compiled by financial information firm LSEG.
By sector, consumer goods and energy are weak, while all other sectors are strong. Trump Media announced a merger with fusion energy corporations TAE Technologies, sending its shares up more than 35%.
European stocks and international oil prices are also rising.