All three major US stock indexes were up in late-morning trading Thursday, as investors monitored the re-escalation of hostilities between the US and Iran in the Middle East.
Iran struck US military infrastructure on Thursday in Kuwait, Qatar, and Bahrain after a second round of strikes from the US on Wednesday that hit 90 Iranian military targets. In a post on X, US Central Command said it had struck 80 Iranian targets the day before in response to Iran's attacks on three commercial ships transiting the Strait of Hormuz.
US initial jobless claims fell to a level of 215,000 in the week ended July 4 from an upwardly revised 217,000 level in the previous week, compared with expectations for a level of 217,000 in a survey of analysts compiled by Bloomberg. The four-week moving average declined by 3,750 to 218,750 after decreasing by 2,000 to a level of 222,500 in the previous week. Insured jobless claims increased by 8,000 to 1,814,000 in the week ended June 27. A decrease in claims suggests a stronger labor market, a positive for the US economy and stocks, but a negative for bonds as it suggests wage growth that could lead to inflation.
Micron Technology (MU) plans to invest up to $3 billion in the US semiconductor supply chain, the company said Thursday. As part of the investment plan, the company will provide $500 million in financial backing to GlobalWafers for a 300mm raw silicon wafer manufacturing facility in Texas. The deal includes a 10-year supply agreement for Micron, the company said. Micron shares were up 7.5% around midday.
AstraZeneca (AZN) and its partner Ionis Pharmaceuticals (IONS) said Thursday that a phase 3 trial for eplontersen in patients with transthyretin-mediated amyloid cardiomyopathy failed to meet the primary efficacy endpoint. The endpoint was a composite outcome of cardiovascular mortality and recurrent cardiovascular clinical events up to week 140 compared with placebo, according to a statement. Astazeneca share were down 6.5%, while Ionis shares fell 21%.
PepsiCo (PEP) reported fiscal Q2 core earnings Thursday of $2.20 per diluted share, up from $2.12 a year earlier and above the FactSet consensus analyst estimate of $2.19. Fiscal Q2 net revenue was $24.18 billion, compared with $22.73 billion a year earlier and above the FactSet consensus of $23.95 billion. For fiscal 2026, the company said it continues to expect core constant currency EPS to rise 4% to 6% and organic revenue to grow between 2% and 4%. PepsiCo shares were down 3.6%.
South Korean chipmaker SK Hynix's US listing has drawn more than seven times the shares on offer, according to a Thursday report from Bloomberg citing people familiar with the matter. The South Korean firm is selling about 177.9 million American depositary shares in its US debut, attracting demand from long-only funds, technology-focused investors, sovereign wealth funds and Asia-focused institutions, potentially raising $24.5 billion, the report said. Details of the listing are not yet final, and pricing is expected to be announced Thursday, according to the report.
Mara (MARA) agreed to acquire a powered land site in Matagorda County, Texas, from HIF USA, the companies said Thursday. The site, expected to provide access to an initial 1 gigawatt of grid capacity by October 2027 and up to 2 gigawatts by April 2028, is planned to be developed through Mara's partnership with Starwood Digital Ventures as a large-scale digital infrastructure campus supporting high-performance computing workloads and Bitcoin mining. HIF will retain a minority ownership interest if an HPC tenant signs a lease, the companies said. Mara shares were up 16%.
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