Micron Shares Surge To Surpass $1 Trillion in Market Value | Closing Bell

Summary

The Bloomberg market close show covers a holiday-shortened week with record highs across major indices, led by tech and semiconductors. Micron surged on a price target upgrade, small caps and transports rallied, and space-related stocks gained on SpaceX IPO excitement. Earnings disappointments from AutoZone, Zscaler, and Ferrari were also discussed.

• Major U.S. indices closed at record highs, with the S&P 500 and Nasdaq 100 setting new records.
• Semiconductors drove 62% of the year-to-date rally, with Micron up 19% on a UBS price target hike.
• Small caps (Russell 2000) and transports (Dow Transports) also rallied, with American Airlines up 7%.
• Space-themed stocks and ETFs, including UFO, surged on enthusiasm around SpaceX's IPO filing.
• AutoZone fell 9% after revenue missed estimates despite an earnings beat.
• Ferrari dropped 8% after its EV debut disappointed analysts and social media.
• Zscaler reported mixed earnings with a slight revenue beat but below-consensus guidance, sending shares down 10% after hours.
• The New York Knicks' NBA finals sweep boosted Madison Square Garden shares to a record.