SanDisk Surges Amid Market Rebound

The US stock market saw significant gains on Wednesday, with all three major indices rising. The S&P 500 hit a record high, while memory chip stocks led the way in growth.

SanDisk surged over 13% to lead the storage sector, followed closely by Western Digital and SK Hynix, which rose more than 7%. Seagate Technology also gained nearly 5%.

The rebound in risk appetite comes as both US July PPI and oil prices fell, reducing expectations for interest rate hikes. The yield on the two-year US Treasury note dropped 4.82 basis points, while the 10-year yield fell 4.57 basis points.

However, not all assets saw gains. Spot gold fell 1.34%, and spot silver dropped 1.43%. New York copper futures staged a V-shaped recovery but retreated from their intraday highs after the release of PPI data, ultimately closing down slightly by 0.35%.