Stock Markets Hit Record Highs as Micron Technology Surges Over 19 Percent
The S&P 500 and Nasdaq reached fresh all-time highs on Tuesday amid optimism over a potential U.S.-Iran peace deal, with Micron Technology jumping 19% to top $1 trillion in market capitalization. UBS predicts over 100% upside for the chip maker amid AI-driven demand.
Market Records
The S&P 500 and Nasdaq Composite rose to fresh intraday all-time highs on Tuesday, led by technology, as traders weighed the prospects of a potential U.S.-Iran deal being reached to end the war. The broad market index gained 0.61% and ended at 7,519.12, while the tech-heavy Nasdaq gained 1.19% to 26,656.18. Both indexes also closed at records. The Dow Jones Industrial Average lost 118.02 points, or 0.23%, ending at 50,461.68.
Micron's Milestone Achievement
Shares of Micron Technology jumped 19% and topped $1 trillion in market capitalization amid bullishness among analysts on the Street. UBS in particular sees more than 100% upside ahead for the stock, citing benefits from its long-term agreements. Micron shares have soared more than 200% in 2026 and more than 800% over the last 12 months.
Consumer Confidence and Economic Concerns
U.S. consumer confidence moved lower in May, a survey from The Conference Board showed Tuesday, citing escalating inflationary impacts due to the Middle East conflict. The consumer confidence index dropped 0.7 to 93.1 from an upwardly revised 93.8 in April. Economists polled by Dow Jones had forecast 92.
Luxury Auto and Shipping News
U.S.-listed shares of Ferrari fell 3% in the premarket after the luxury vehicle maker unveiled its first-ever EV. The Luce is priced around $640,000. Wells Fargo analysts expect FedEx Corporation to climb to about 14.2% over the next year, setting their price target at $450. Wells Fargo expects FedEx Freight to see tailwinds as it gets out of bundled pricing discounts and prices its services better under new leadership.