On June 25, the Technology Select Sector SPDR ETF rose 3.03% in pre-market trading, trading at $188.60/share, with turnover of $693,600.
On the news front, memory chip giant Micron Technology reported third fiscal quarter results that massively exceeded expectations, sparking a broad semiconductor rally. Micron posted revenue of $41.46 billion, surging 346% year-over-year and far exceeding the consensus estimate of $35.69 billion. Adjusted earnings per share came in at $25.11, beating expectations by over 21%, while gross margin soared to a record 84.9%. The company guided fourth fiscal quarter revenue to approximately $50 billion, well above the $43.24 billion market estimate, and noted that AI compute-driven storage supply shortages are expected to persist beyond 2027.
The results triggered a global tech rebound, with South Korean chipmakers SK Hynix surging over 13% and Samsung Electronics rising 5.29%, recovering from a historic sell-off earlier in the week driven by overcrowding concerns and profit-taking.
The fund seeks to track the Technology Select Sector Index by employing a replication strategy, generally investing at least 95% of its total assets in the securities comprising the index. The fund is non-diversified.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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