US stocks end three-day losing streak as storage stocks collectively surge by double digits; Micron returns to 100 billions market cap

Glonhui July 22nd | U.S. stocks opened higher and continued to rise, with all three major indices closing up and ending a three-day losing streak. The Nasdaq led gains with an increase of 1.29%, the S&P 500 rose by 0.89%, and the Dow Jones added 0.74%. The Philadelphia Semiconductor Index closed up 5.21%, marking its largest single-day gain since June 22nd. All 30 constituent stocks ended higher, with Intel up 8.64%, AMD up 8.11%, and ARM up 7.46%. The smallest gain was Qualcomm, rising 1.87%, while Nvidia gained 1.97%.The memory sector saw a strong rebound, with almost all stocks rising over 10%. Sandisk led the sector with an increase of over 14%, SK Hynix rose by more than 13%, Micron Technology jumped over 12% and returned to the $1 trillion market cap, Seagate Technology surged by more than 11%, and Kioxia ADR soared by over 17%.The optical communication sector also rose across the board: Coherent jumped over 11%, Lumentum increased by more than 9%, Ciena climbed nearly 8%, Marvell Technology and Corning were both up over 6%, and Credo rose by more than 5%.The Nasdaq China Golden Dragon Index fell 0.68%. Popular China concept stocks moved mixed, Futu Holdings rose 5.47%, Tencent Music dropped 2.51%, and Alibaba fell 1.97%.