Micron's 15% after-hours surge drives Asia-Pacific semiconductor rally. Dollar index hits 13-month high at 101.36, pressuring gold to 7-month low. PCE data due later today.
Alpha Score of 29 reflects poor overall profile with poor momentum, poor value, moderate quality, poor sentiment.
Asia markets opened higher Thursday, led by a surge in semiconductor stocks after Micron's (MU) earnings beat. The dollar held near a 13-month high, capping gains in commodities and pressuring the Australian and New Zealand dollars.
Micron shares jumped 15% in after-hours trading to $1,213 after the company reported a stronger-than-expected fiscal third quarter. The move lifted futures for the Nasdaq 100 by 1.6% in the Asian session, while S&P 500 futures added 0.4%. During regular US hours Wednesday, the S&P 500 fell 0.1% and the Nasdaq 100 dropped 0.4%.
The dollar index climbed 0.2% to 101.36, its highest since May 2025, extending what strategists described as a dollar near sharpest monthly gain in a year as rate bets build. The advance reflected expectations that US interest rates will stay higher for longer, reinforced by steady Treasury yields – the 2-year around 4.15%, the 10-year near 4.40% – ahead of the personal consumption expenditures price index due later Thursday. A hot PCE print would strengthen the case for the Federal Reserve to hold rates, analysts said. A softer number would revive bets on a cut.
The stronger dollar added downward pressure on gold, which slid to a seven-month low of $3,981 an ounce in Asian trading. Crude oil extended its decline, with Brent falling 1.3% to $72.88 a barrel, the lowest since early March. The move followed a bearish breakdown below the 200-day moving average for West Texas Intermediate crude, a development that technical strategist Kelvin Wong said reinforced a near-term bearish outlook. He identified $75.25 per barrel as a key resistance; failure to clear it opens a drop toward $67.40, with $63.80 as the next major floor. A break above $75.25 would invalidate the bearish scenario and allow a corrective rebound toward $77.39, the strategist said.
Among G10 currencies, the Australian and New Zealand dollars were the weakest. The Aussie fell 0.1% to $0.6893, the kiwi dropped 0.2% to $0.5641. Both remain sensitive to China's growth outlook and commodity prices. The yen was little changed, with traders awaiting direction from the PCE data.
The PCE report, due at 8:30 a.m. ET, is the next scheduled catalyst for rate expectations and the dollar's path. A print above consensus would test the soft-landing narrative that has supported risk assets, while a miss could trigger a reversal in the dollar's rally.
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