Global Stocks Hit Record Highs as Oil Slips Amid Saudi Plans

Global stock markets surged to new highs on Thursday, propelled by chipmaker Micron Technology's upbeat forecast. The S&P 500 and Europe's STOXX 600 closed at all-time highs, while the MSCI global index set an intraday record.

Micron Leads Semiconductor Gains

Micron’s positive forecast spurred a 14.7% jump in its shares, lifting the semiconductor sector index by 3.5%. The company’s forecast renewed optimism for chip demand in artificial intelligence computing.

Treasury Yields and Federal Reserve Outlook

U.S. Treasury yields rose following robust economic data, lowering expectations of a 50-basis-point rate cut by the Federal Reserve at its November meeting.

European Markets Follow China’s Lead

European stocks, especially China-exposed sectors, saw gains following announcements of potential stimulus from China’s politburo. Markets are also anticipating the issuance of special sovereign bonds to boost Chinese consumption.

Silver and Gold Rally; Oil Prices Drop

Silver hit its highest level since 2012, and gold reached a record peak. Oil prices, however, fell on news that Saudi Arabia plans to increase output and abandon its $100-a-barrel price target.

Currency Movements

The U.S. dollar weakened after positive economic data, while the Swiss franc strengthened after a rate cut by the Swiss National Bank. The euro rose against the dollar amidst speculation of an interest rate cut by the European Central Bank.