Memory serves

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, (reuters.com/commentary/reuters-open-interest/i…) Mike Dolan

Subscribe to Mike Dolan's Morning Bid newsletter, (reuters.com/newsletters/morning-bid-us) and check out his columns on Reuters Open Interest (reuters.com/commentary/reuters-open-interest)

Read more from Amanda Cooper (reuters.com/authors/amanda-cooper) and Anna Szymanski (reuters.com/authors/anna-szymanski)

Produced by Eliza Davis Beard and Abisoye Adelusi

Sound engineering and music by Sebastian and Josh Sommer

Visit the Thomson Reuters Privacy Statement (thomsonreuters.com/en/privacy-statement.html) for information on our privacy and data protection practices.

You may also visit megaphone.fm/adchoices (nam02.safelinks.protection.outlook.com/?url=ht…) to opt out of targeted advertising.

Our Standards: The Thomson Reuters Trust Principles. (thomsonreuters.com/en/about-us/trust-principle…)

Learn more about your ad choices. Visit megaphone.fm/adchoices