The Nasdaq closed 1.30% higher at 26,206.89 last session, powered by a fresh semiconductor rebound. The twist: the leader was not Nvidia.
Memory names led instead. Micron rose around 4.5% after announcing plans to invest up to US$3 billion in the US semiconductor supply chain. AMD climbed about 5.7%, while the Philadelphia Semiconductor Index gained roughly 3.1%.
Tonight brings two more tests. PepsiCo has already reported Q2 and its stock slipped despite a headline earnings beat. Delta reports Friday morning, giving investors an early read on summer travel demand and airline margins.
Tonight's Watchlist 📈
| Stock | Movement | What to Watch |
|---|
| MU | +4.42% last session | Led the memory rebound after US$3B supply-chain investment news. |
| AMD | +5.67% last session | Rode the semiconductor rebound and AI demand momentum. |
| NVDA | -1.03% last session | Lagged the chip rally, can it catch up tonight. |
| PEP | Lower pre-market | EPS and revenue beat, but North America weakness weighed on sentiment. |
| DAL | Reports pre-market | Early Q2 earnings read, with focus on summer travel demand and fuel costs. |
Tonight's Catalysts 🧨
A chip rally led by memory stocks, but not Nvidia
The rotation into memory was the main story. Micron (MU) led the move after announcing plans to invest up to US$3 billion to strengthen the US semiconductor supply chain.
The company also raised its long-term US investment plan to more than US$250 billion through 2035, adding another layer to the AI infrastructure and domestic chip-manufacturing story.
What stood out was Nvidia (NVDA) moving lower on the same day. That suggests investors were not only chasing the biggest AI name, but also looking at other parts of the supply chain, including memory, wafers, and manufacturing capacity.
PepsiCo falls despite a headline beat
PepsiCo (PEP) posted adjusted EPS of US$2.20, slightly above estimates of US$2.19. Revenue also beat expectations at US$24.18 billion, up 6.4% year over year.
But the stock still fell because investors focused on the quality of growth. North America remains the weak spot, with pressure in beverages and continued signs that US consumers are still price-sensitive.
For the broader market, PepsiCo is a useful read on defensive consumer names. Even when earnings beat, investors still want to see healthier volume trends and clearer domestic recovery.
Delta gives the next travel read
Delta Air Lines (DAL) reports Friday morning, with Wall Street looking for roughly US$1.50 in EPS. The company’s earnings call is scheduled for 10 a.m. ET.
The number matters, but the guidance may matter more. Investors will be watching premium travel demand, fuel costs, capacity discipline, and whether summer bookings remain resilient.
If Delta sounds confident, airline stocks could get support. If management turns cautious, the market may read it as a sign that consumer spending is becoming more selective.
Pre-Market Pulse 📊
Pre-market focus is on whether the chip rebound can continue and how investors position ahead of Delta’s report. After semiconductors helped lift the Nasdaq, the key question is whether buyers keep coming into MU, AMD, NVDA, and AVGO, or whether profit-taking returns after the recent move.
Outside chips, PepsiCo is a reminder that earnings season may not be simple. A company can beat headline estimates and still trade lower if the underlying demand story looks weak.
Macro Note 📝
WTI crude is trading around the US$73 area as markets weigh US-Iran tensions against supply risk around the Strait of Hormuz. The 10-year Treasury yield remains elevated around 4.59%.
For growth and chip stocks, yields still matter. If yields move higher again, tech valuations could face pressure even if the AI story remains strong.
Tonight brings two big stories: a memory-led chip rebound and the early phase of Q2 earnings season.
The key questions are whether Nvidia catches up to Micron and AMD, and whether Delta gives investors confidence that summer travel demand is still holding up. If both stories stay supportive, the Nasdaq may have another reason to defend its momentum.
What stocks are you watching tonight? Check your Watchlist on Gotrade.
