US Opening Bell | Stocks edge higher; Vertiv surges 13%, Micron up 4%; Chip stocks rally

Market

October 28, U.S. stocks opened on a firmer footing as major benchmarks ticked up. The Dow Jones Industrial Average rose 0.10% to 52,432.47, the S&P 500 added 0.23% to 7,740.56, and the tech-heavy Nasdaq Composite gained 0.32% to 26,562.12, with sentiment supported by steady Treasury yields and another wave of upbeat tech earnings.

Vertiv Holdings LLC soared 12.9% after upbeat guidance, while SanDisk Corp. advanced 4.7% and Micron Technology rallied 4.3% on optimism around memory-chip pricing. Marvell Technology climbed 2.3% and Lam Research gained 2.2% as the semiconductor bid broadened. Tesla Motors inched 0.5% higher in early trade. On the downside, Seagate Technology PLC fell 5.1% and Direxion Daily Semiconductors Bear 3x Shares slid 2.8% as the chip rally pressured bearish bets.

Broader strength spread across AI and clean-tech themes: Bloom Energy Corp jumped 3.1%, SoFi Technologies Inc. added 2.3%, Broadcom rose 1.7%, Advanced Micro Devices gained 1.5%, NVIDIA firmed 0.7%, and Intel picked up 1.3%. United Microelectronics lagged, easing 1.8% as profit-taking weighed on select foundry names.

News

Vertiv Holdings LLC boosts full-year revenue outlook, shares jump 13%. The data-center power specialist cited stronger-than-expected orders tied to artificial-intelligence build-outs. Investors welcomed the guidance hike, sending the stock to new highs.

Micron Technology upgraded by major broker, stock adds 4%. Analysts pointed to improving DRAM pricing and supply-demand balance, forecasting margin expansion into next year.

SanDisk Corp. climbs 4.7% on reports of potential business separation. Market chatter suggests Western Digital may accelerate a split of its flash unit, stoking takeover speculation.

Lam Research unveils next-generation etch tools, rises 2.2%. The company said the new platform targets sub-3 nm nodes, reinforcing its leadership in advanced chip equipment.

Seagate Technology PLC warns on enterprise demand, drops 5.1%. Management flagged softer cloud orders and announced additional cost-cutting measures, sparking a sell-off.

SoFi Technologies Inc. reports record member growth, stock up 2.3%. The fintech firm said its total customers topped 9 million, reaffirming its profitability timeline.

Bloom Energy Corp rallies 3.1% after California expands clean-energy incentives. The state’s updated program is expected to boost demand for the company’s fuel-cell systems.

Alphabet lifts 1.1% on new AI accelerator announcement. The tech giant introduced a custom chip designed to speed up generative AI workloads, impressing investors.

Tesla Motors edges 0.5% higher as company confirms initial Cybertruck deliveries. Management said first customer hand-overs will begin within weeks, keeping the EV maker in focus.

Stabilizing Treasury yields lift U.S. index futures. E-mini S&P 500 and Nasdaq 100 contracts advanced 0.2% and 0.4%, respectively, providing a tailwind for growth stocks at the open.