Micron leads semiconductor stocks higher
The S&P 500 is up 2.7%, and the Russell 2000 is up 2.3%. The Philadelphia Semiconductor Index is currently up 2.9% to extend its weekly advance to 16.7%, which is better than any of the weekly gains from the 11 S&P 500 sectors. Shares of Micron (MU 44.13, +1.62, +3.8%) are up nearly 4.0% after reporting upside Q2 results and receiving an upgrade to Buy from Neutral at Goldman Sachs. Shares of Alphabet (GOOG 1103.78, +1.29, +0.1%) are struggling after Monness Crespi & Hardt lowered its price target to $1350 from $1535 due to the "darkening economic landscape." The firm maintained its Buy rating, though.