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Micron Technology ( MU ) surges after upbeat Q3 rev forecast

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Apple ( AAPL ) falls on report DOJ to sue co over antitrust laws

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Reddit set for market debut later in the day

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Indexes up: Dow 0.57%, S&P 0.58%, Nasdaq 0.88%

(Updated at 9:46 a.m. ET/1346 GMT)

By Bansari Mayur Kamdar and Shashwat Chauhan

March 21 (Reuters) -

Wall Street's main stock indexes climbed to record highs on

Thursday as chip stocks rallied following Micron Technology's ( MU )

upbeat forecast, while investors took comfort in the Federal

Reserve sticking to its three-rate-cut view for this year.

Chipmaker Micron Technology jumped 14.0% to a record

high after posting a surprise quarterly profit and forecasting

third-quarter revenue above estimates.

Peers such as Intel ( INTC ) and Nvidia ( NVDA ) added more

than 1% each, while the Philadelphia Semiconductor index

advanced 2.9%.

U.S. stock indexes had closed higher on Wednesday after U.S.

central bankers kept borrowing costs unchanged and indicated

they still expect to ease interest rates by three-quarters of a

percentage point by the end of 2024.

"The tone was very much expected, it was basically saying

that yes, we're getting closer to the point where we can cut

rates, but we still need more data," said Mohit Kumar, chief

European economist at Jefferies.

Inflation reports "haven't really changed the overall story,

which is that of inflation moving down gradually on a sometimes

bumpy road to 2%," Fed Chair Jerome Powell said in a press

conference after the policy meeting.

The CME FedWatch tool showed the market is now pricing in a

70% chance of a Fed rate cut in June, compared with around 56%

estimated at the beginning of the week.

UBS Global Research said that it now expects the first cut

in June, compared with its prior forecast of a cut in May.

Meanwhile, the number of Americans filing new claims for

unemployment benefits unexpectedly fell last week, suggesting

that job growth remained strong in March.

A

separate reading

showed flash U.S. Composite PMI Output Index, which tracks

the manufacturing and services sectors, came in at 52.2 this

month versus 52.5 in February.

At 09:46 a.m. ET, the Dow Jones Industrial Average

was up 225.19 points, or 0.57%, at 39,737.32, the S&P 500

was up 30.41 points, or 0.58%, at 5,255.03, and the

Nasdaq Composite was up 144.71 points, or 0.88%, at

16,514.12.

The three major indexes were trading at record highs, while

all 11 major S&P 500 sectors also rose, with consumer

discretionary leading gains, up 0.7%.

Most rate-sensitive megacap growth and technology stocks

also advanced in early trading.

Apple ( AAPL ), however, eased 1.2% on a report that the

U.S. Department of Justice is preparing to sue the company as

soon as Thursday for allegedly violating antitrust laws.

IT services provider Accenture fell 7.6% after it

cut its fiscal-year 2024 revenue forecast, as an uncertain

economy prompts clients to cut spending on its consulting

services.

Broadcom ( AVGO ) gained 4.9% as TD Cowen upgraded its

rating to "outperform".

Reddit's shares are expected to start trading on the New

York Stock Exchange later in the day under the ticker 'RDDT'

after the social media platform priced its initial public

offering at the top end of its targeted range of $31 to $34 per

share.