6/26/2019, 3:45 PM (Source: TeleTrader)
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Nasdaq 100 jumps over 1% as chipmakers lead gains

The Nasdaq 100 jumped over 1% in early trading on Wednesday as chipmakers lead the gains on hopes the United States and China will reach a trade agreement soon after US Treasury Secretary Steven Mnuchin said the two sides were 90% there on reaching the deal.

The best performer was Micron, whose shares skyrocketed 11.41% at 9:47 am ET, after the semiconductor maker posted better-than-expected results for the third quarter of fiscal 2019. Micron said its revenue amounted to $4.79 billion in the three-month period, down 38% year on year but still topping market estimates. GAAP earnings per share stood at $0.74, while adjusted EPS were $1.05.

Nvidia rallied 5.81% at 9:56 am ET, Advanced Micro Devices surged 5.13% at the same time, Applied Materials climbed 3.98% at 9:57 am ET and NXP Semiconductors rose 2.91% at the same time.

Breaking the News / NP