Micron, one of the world's leading memory stocks, reports earnings roughly $5 billion above expectations and outlines $22 billion in customer commitments, reigniting the chip stock rally worldwide. Meanwhile, crude oil completes a dramatic round trip to pre-Iran-war levels, but two-year Treasury yields remain about 75 basis points higher than before the conflict began, suggesting the Fed's inflation challenge runs deeper than energy prices alone.

Today’s recommended read: Iran peace deal no silver bullet for Fed's inflation dilemma, Mike Dolan

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Read more from Amanda Cooper and Anna Szymanski

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