- Micron and Western Digital shares surged alongside other chip sector stocks as investors unwound defensive positions following the August jobs report.
- The U.S. Bureau of Labor Statistics reported nonfarm payroll jobs increased by 162,000 in August, with the national unemployment rate holding steady at 4.1%.
- Despite initial macroeconomic concerns regarding interest rate hikes, traders rotated back into high-growth technology equities and beaten-down chip designers.
