S&P 500, Nasdaq Close at Records as Micron Surges 19% Into $1 Trillion Club

7 articles · Updated · Reuters · May 26

S&P 500 rose 0.61% to 7,519.12 and the Nasdaq gained 1.19% to 26,656.18, both setting record closes as the rally broadened to fresh intraday highs in the Russell 2000.
Micron jumped 19% after UBS lifted its price target to $1,625 from $535, pushing the chipmaker above a $1 trillion market value and helping drive the Philadelphia semiconductor index up 5.5% to an all-time high.
First-quarter earnings growth is now projected at 29% from 16.1% a month ago, reinforcing confidence in the AI trade even as Brent crude climbed about 4% after recent U.S. strikes on Iran.
The Dow slipped 0.23% to 50,461.68, hurt by consumer stocks, but advancing shares still beat decliners 2.47-to-1 on the NYSE as investors took some comfort from signs a Tehran deal could come within days.

While AI stocks hit record highs, what does the lagging consumer sector reveal about the real economy's health?

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