Benzinga Closing Bell Update: Semis Gain On Micron Earnings, Indexes Close Higher
Portfolio Pulse from Benzinga Newsdesk
Semiconductor stocks, led by Micron Technology, saw gains following Micron's positive earnings report, contributing to a higher close for major indexes. The VanEck Vectors Semiconductor ETF (SMH) and the SPDR S&P 500 ETF Trust (SPY) also closed higher.
March 21, 2024 | 8:01 pm
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POSITIVE IMPACT
Micron Technology's positive earnings report led to gains in semiconductor stocks, including its own, positively impacting its short-term stock price.
Micron Technology's earnings report exceeded expectations, leading to increased investor confidence and demand for MU shares, driving up its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
The VanEck Vectors Semiconductor ETF (SMH) closed higher, influenced by gains in semiconductor stocks, particularly Micron Technology.
As a semiconductor ETF, SMH's performance is closely tied to the sector's overall performance. Micron's positive earnings report contributed to sector-wide gains, positively impacting SMH's short-term price.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) also saw gains, closing higher, partly due to the positive performance of the semiconductor sector.
SPY, which tracks the S&P 500, benefited from the overall positive market sentiment and gains in significant sectors like semiconductors, led by Micron's earnings report, contributing to its short-term price increase.
CONFIDENCE 80
IMPORTANCE 65
RELEVANCE 70