Why Micron Stock Is Jumping Today

Micron Technology (NASDAQ: MU) stock is moving higher Wednesday with some big help from bullish momentum for the broader market. The company's share price was up 4.6% as of 3:25 p.m. ET amid a gain of 1.6% for the S 500 and 2.5% for the Nasdaq Composite.

Stocks have continued to move higher today following statements from Trump administration officials that have helped quell investor concerns about the macroeconomic outlook. Micron is also gaining ground in conjunction with reports that the company is scaling back its production of DDR4 memory solutions and shifting more production to Taiwan.

Following President Donald Trump's statement yesterday that tariffs on China would come down substantially, Reuters published a report today stating that the administration was open to reducing tariffs on the country's goods to between 50% and 65%. At present, most Chinese products are subject to a 145% import tax -- so a reduction to a level within the reported target range would represent a substantial step down.

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Source Fool.com