Shares of chipmakers rose on Wednesday after Micron Technology Inc forecast a recovery in chip demand in the second half of the year, easing concerns that rising trade tensions would exacerbate a slump in the sector.
U.S. stocks rose on Wednesday after comments from Treasury Secretary Steven Mnuchin's fueled optimism that the United States and China were close to striking a trade deal, while the tech sector was boosted by chipmaker Micron's upbeat results.
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When these companies do well, the markets do, too.
General Mills Inc's quarterly sales fell short of Wall Street estimates on Wednesday, hurt by lower demand for its Nature Valley and Fiber One snack bars, sending its shares down as much as 10%.
The dollar rose and European shares fell on Wednesday as traders scaled back expectations of an aggressive cut in U.S. interest rates in July, while Wall Street rose on hopes of a China-U.S. trade breakthrough at the G20 summit later this week in Japan.
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.
Oil prices rose about 3% on Wednesday and hit their highest in about a month, buoyed by U.S. government data that showed a much larger-than-expected drawdown in U.S. crude inventories as exports hit a record high, and surprise drops in refined product stockpiles.
Shares of U.S. health insurers that have rebounded in the past two months could come under pressure this week as Democrats square off in their first presidential debates, with healthcare policy reform potentially high on the agenda.
Mike Lynch, once hailed as Britain's answer to Bill Gates, denied all claims against him on Wednesday when he kicked off what is expected to be a month-long testimony in his multibillion-dollar fraud battle with Hewlett-Packard (HP).
New orders for long-lasting U.S.-made goods fell for a second straight month in May as troubles at Boeing weighed on demand for aircraft, suggesting manufacturing could remain weak even as business spending on equipment appears to stabilize.
Tesla Inc's vice president of production at its Fremont factory, Peter Hochholdinger, has left after three years with the electric-car maker, a source familiar with the matter told Reuters.
Volkswagen's truck unit Traton narrowed the price range for its initial public offering (IPO) to between 27 euros ($30.74) and 28 euros a share, the lower end of its earlier 27 euros to 33 euros price range, a bookrunner said on Wednesday.
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U.S. stocks rose on Wednesday as gains in chipmaker Micron boosted the technology sector and comments from Treasury Secretary Steven Mnuchin fueled hopes that the United States and China were making progress in their trade talks.