US stocks advanced on Thursday, supported by gains in chipmakers and signs of easing credit conditions. The S&P 500 rose 0.5%, the Nasdaq 100 climbed 1.3%, and the Dow added 200 points. Memory chip producers rallied sharply as investors reassessed the speculative outlook for AI infrastructure manufacturers. Sentiment was further boosted by tomorrow’s debut of SK Hynix ADRs, representing the world’s largest memory producer, with reports indicating the issue is seven times oversubscribed. Micron and SanDisk each gained about 7%.
At the same time, oil prices and bond yields drifted lower amid evidence that heavily laden tankers continued to transit the Strait of Hormuz despite renewed clashes between the US and Iran. The move in yields supported financial stocks, with Morgan Stanley, Goldman Sachs, and American Express each rising around 3%. Meta, which had opened lower, reversed course to close up 2% after announcing plans to begin producing its own AI chip by September.
