Global Stock Index Peaks Amid Positive Tech Forecasts and Economic Shifts

A globally significant stock index and the S&P 500 reached record highs driven by positive forecasts from Micron Technology, alongside increases in U.S. Treasury yields due to falling jobless claims. In contrast, oil prices declined following reports that Saudi Arabia plans to abandon its $100 per barrel price target.

Global stock indexes, including the S&P 500, reached record peaks on Thursday following an optimistic forecast from chipmaker Micron Technology. Additionally, U.S. Treasury yields climbed as jobless claims fell, prompting traders to reassess future Fed rate cuts. Elsewhere, oil prices slumped as Saudi Arabia reportedly plans to scrap its $100 per barrel unofficial target.

Micron's positive outlook sparked confidence in the demand for artificial intelligence computing chips, lifting shares of other chipmakers like Nvidia. Meanwhile, revised government data indicated the U.S. economy is growing faster than initially thought, increasing investor anticipation for the core personal consumption expenditures (PCE) price index release.

European markets also saw gains following a rally in Chinese stocks, fueled by China's commitment to economic growth through fiscal spending. In other developments, the European Central Bank faces internal resistance over a potential rate cut, and the dollar experienced mixed movements against various currencies.

(With inputs from agencies.)