Stock Market News for Oct 2, 2026

Micron (MU) delivered the session's biggest earnings headline: fourth-quarter non-GAAP EPS surged 11-fold year-over-year, powered by strong AI demand and tight memory conditions.

The report landed as U.S. stocks closed Thursday's volatile session in positive territory. The Dow, Nasdaq, and S&P 500 all posted modest gains after Treasury yields retreated from 24-year highs, which lifted investor sentiment.

Economic data added support. Manufacturing activity stayed in expansion territory, and jobless claims came in below expectations. Interpretation: a softer claims print alongside expanding factory activity points to an economy holding up, which fits with the market's relief as yields pulled back from their peak.

The sector SPDR funds named in this session's coverage (XLP, XLV, XLI, XLF, XLRE) offer a way to gauge whether the yield retreat is broadening participation beyond chips. The source does not give individual performance for these funds, so any read on rotation remains an open question to test against price action rather than a conclusion.

The yield move is the swing factor here. Gains came with yields easing from 24-year highs, so the rally's durability depends on that retreat holding, not just on Micron's results.