US stocks extend rally as Micron shares jump

Wall Street stocks advanced early Thursday, extending a rally after the latest Federal Reserve decision and strong results from Micron Technology.

Major indices added to records set Wednesday after the Fed signaled it still expects three interest rate cuts in 2024, despite recent inflation data that topped estimates.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 39,754.46, up 0.6 percent.

The broad-based S&P 500 gained 0.6 percent to 5,258.04, while the tech-rich Nasdaq Composite Index rose 1.0 percent to 16,527.13.

Micron surged more than 15 percent after reporting earnings that exceeded company projections and touting its future prospects.

"We believe Micron is one of the biggest beneficiaries in the semiconductor industry of the multi-year opportunity enabled by AI," said Chief Executive Sanjay Mehrotra.

Social media company Reddit is set to make its trading debut on the New York Stock Exchange later Thursday after pricing at the high end of its range in an initial public offering.