Stocks closed higher Wednesday as growth-oriented names outperformed. Micron Technology (MU) was one of the day's biggest gainers after the memory chipmaker reported earnings and its CEO gave an upbeat outlook for the semiconductor market. Bank stocks helped boost markets, too, as Wall Street cheered news of UBS Group's (UBS, +4.3%) C-suite shake-up.
Taking a closer look at Micron, the company reported fiscal second-quarter earnings that were a far cry from last year's results. MU recorded a $2.3 billion loss for the three-month period vs a year-ago profit of $2.14 per share. Revenue slumped 53% to $3.7 billion.
However, the company guided for higher-than-expected current-quarter results. Additionally, CEO Sanjay Mehrotra said during the earnings call that he sees a "gradually improving supply/demand balance in the months ahead." MU shares rose 7.2% on the day, lifting fellow semiconductor stocks including Intel (INTC, +7.6%) and Nvidia (NVDA, +2.2%).
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Financial stocks were another pocket of strength today. Propping up the sector was news that UBS Group has brought back former CEO Sergio Ermotti to help guide the company following its takeover of rival Credit Suisse (CS, +2.8%). Ermotti formerly served as chief executive at UBS from 2011-2020, and he's credited with helping the company find its footing after the 2008 global financial crisis.
Also moving higher was Lululemon Athletica (LULU), which popped 12.7% after earnings. The athleisure apparel maker reported higher-than-expected fiscal fourth-quarter earnings of 94 cents per share on inline revenue of $2.8 billion. LULU also gave an upbeat revenue outlook for its new fiscal year.
At the close, the tech-heavy Nasdaq Composite was up 1.8% at 11,926, the blue chip Dow Jones Industrial Average was 1.0% higher at 32,717, and the broader S&P 500 had gained 1.4% to 4,027.
The Kip 25: our favorite low-cost mutual funds
The month of March has been one for the history books. Indeed, over the past 30 days investors have had to contend with a Fed that was looking to ramp up the size of interest rate hikes suddenly face the worst banking crisis since the Great Recession – all of which sent government bond yields on a record-setting roller-coaster ride. Still, the S&P 500 and Nasdaq are poised to end the month higher.
"What we've seen so far this March has been unbelievable in so many ways," writes Ryan Detrick, chief market strategist at Carson Group, in a recent blog post. "In fact, at the start of the month, if someone would have told you all the incredible things that would happen, yet stocks would take it in stride, I'm not sure most of us would ever believe it."
If nothing else, this is a good reminder that those who keep calmer heads tend to prevail. That's why investors who struggle with shutting out the noise might want to let someone else guide them and their portfolios. We've recently updated our running list of the best low-cost mutual funds investors can buy. Several of our picks have changed over the last year to account for the changing dynamics of both the market and the economy, but one thing has stayed the same: Our Kiplinger 25 is made up of our favorite cheap funds managed by tenured stock pickers.
-
The Most Popular Apps for Retirement Planning in 2025A J.D. Power survey ranks retirement planning apps based on customer service and satisfaction. Does your financial app make the cut?
-
Don't Disinherit Your Grandchildren: The Hidden Risks of Retirement Account Beneficiary FormsStandard retirement account beneficiary forms may not be flexible enough to ensure your money passes to family members according to your wishes. Naming a trust as the contingent beneficiary can help avoid these issues. Here's how.
-
Dow Gains 617 Points as Rate Cuts Near: Stock Market TodayWednesday's economic data didn't shift Wall Street's expectations that the Fed is preparing for a rate cut at next week's meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market TodayThe August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
Stocks Slide to Start September: Stock Market TodaySeasonal trends suggest tough times for the stock market as we round into the end of the third quarter.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have TodaySherwin-Williams stock has clobbered the broader market by a wide margin for a long time.
-
AI Start-ups Are Rolling in CashThe Kiplinger Letter Investors are plowing record sums of money into artificial intelligence start-ups. Even as sales grow swiftly, losses are piling up for AI firms.
-
If You'd Put $1,000 Into UnitedHealth Group Stock 20 Years Ago, Here's What You'd Have TodayUNH stock was a massive market beater for ages — until it wasn't.
-
S&P 500 Tops 6,500 Even as Nvidia Slips: Stock Market TodayThe world's most valuable company closed lower after earnings, but the S&P 500 managed to notch a new record high.
-
Stocks Edge Higher With Nvidia, Fed in Focus: Stock Market TodayThe AI bellwether reports earnings after today's close, while Wall Street is keeping a cautious eye on President Trump's attacks against the Fed.
