Sandisk shares jumped after a price-target increase, leading a broader rally in semiconductor stocks on Thursday.
Semiconductor stocks climbed on Thursday, led by memory-chip makers. Sandisk (SNDK) surged over 9% to 1,884.26 in midday trading after receiving a price-target hike, recovering from a dip below its 50-day moving average earlier in the week.
The rally followed a period of volatility for chip stocks, with broader market movements influenced by geopolitical developments. Micron and other memory-chip producers also advanced, contributing to the sector’s upward momentum.
The S&P 500 gained traction amid the chip stock rally, while the Dow Jones Industrial Average declined on U.S.-Iran news.