Record Highs for Global Stocks Boosted by Micron Forecast, Oil and Gold Show Volatility

Global stock indexes reached record highs following Micron Technology's upbeat forecast on demand for AI chips. Conversely, oil prices dropped due to Saudi Arabia's plans to abandon its $100 per barrel target. Meanwhile, precious metals like silver and gold saw their highest levels in years, driven by central bank rate cuts.

Global stock indexes surged to record highs on Thursday, largely driven by an optimistic forecast from chipmaker Micron Technology. This upswing was contrasted by a drop in oil prices following reports that Saudi Arabia plans to shift away from its $100-a-barrel price target.

Micron Technology's shares climbed 14.7% after it projected strong demand for chips used in artificial intelligence, buoying the S&P 500 and Europe's STOXX 600. The optimism around the tech sector propelled MSCI's global stock index to an intraday record.

While the U.S. stock market experienced gains, oil prices fell significantly. Saudi Arabia's intention to raise output was a key factor, impacting U.S. crude and Brent prices. Precious metals also saw significant movement, with silver reaching its highest price since December 2012, and gold hitting a new peak. In financial markets, Treasury yields rose slightly, but the dollar weakened against the Swiss franc following a rate cut by Switzerland's central bank.

(With inputs from agencies.)