Afternoon update
Tech and chips led market gains as Tesla weighed a SpaceX merger and Micron reached a labor deal, removing strike risk in Taichung.
Wednesday afternoon session: the S&P 500 is up 0.64% to 7761.95 and the Nasdaq is up 1.17% to 26732.90. Tech and semiconductors are leading, and communication services is lagging.
- $TSLA is up 3.51% to $386.84 ($1.53T market cap). On SpaceX's Q3 call Tuesday night, Elon Musk called a SpaceX-Tesla merger a "good idea" and said both boards have formed special committees to discuss a possible tie-up. It remains a proposal under discussion.
- Tesla reports Q3 earnings after today's close, so investors will likely press management on the merger committees alongside the quarterly numbers.
- Micron (MU) is up 2.40% to $917.57 ($1.04T market cap). It reached a labor agreement with the union at its Taichung, Taiwan operations, removing strike risk at that site. A separate deal for its Taoyuan site is still pending.
- Technology leads S&P sectors at +1.18% on average (15 advancers, 3 decliners). Semiconductors lead industry baskets at +1.75% (10 up, 1 down), with Texas Instruments up 3.96%.
- Communication services is the weakest sector at -1.82% on average (2 advancers, 7 decliners, 1 unchanged). AT&T is the worst performer, down 6.15%.
The session shows a clear preference for tech and chip exposure. Tesla's post-close report is the next marker.
Not financial advice. For informational and educational purposes only.
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