Intel and Micron Lead Portfolio Gains Amid Market Rally
The stock market continued its post-Fed rally on Thursday, with the S&P 500 up around 1% after erasing Wednesday's losses following the Federal Reserve’s first rate hike in over three years. The 10-year Treasury yield fell below 5%, providing additional support to equities. Technology and consumer discretionary sectors led gains, while consumer staples lagged due to declines at Walmart, Costco, and Philip Morris International. AI infrastructure stocks were a major driver of the day’s performance, with Intel surging over 9%—potentially its best gain since early August—and Micron rising more than 5%. Eaton also gained traction after an encouraging investor presentation. Meanwhile, Salesforce lagged in the portfolio due to profit-taking following its recent rally and lack of updated long-term financial targets at Dreamforce. Johnson & Johnson shares rose slightly as CFO Joe Wolk expressed confidence about future growth despite patent expirations for key drugs like Remicade and Stelara. J&J emphasized a clear path toward double-digit sales growth through 2030, with more details expected in December.
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Topics: AI infrastructure Federal Reserve oil prices stock market Treasury yields