Us Stock Market Today Dow Jumps 598 Points As Micron Surges While Apple Drags Nasdaq Lower

. The Dow Jones Industrial Average gained 598 points, or 1.1%.

Micron Technology was one of the biggest winners of the day after reporting much stronger-than-expected quarterly earnings. Micron shares jumped about 12% during trading and were up as much as 17% earlier in the day.

The company reported adjusted earnings of $25.11 per share, beating analysts' estimate of $20.78 per share, according to LSEG data via CNBC. Micron's revenue rose to $41.46 billion from $9.3 billion a year ago, much higher than the $35.85 billion analysts expected. Strong Micron results boosted confidence in the semiconductor sector and helped lift several chip stocks.

Qualcomm shares rose after the company nearly doubled its 2029 non-handset revenue target from $22 billion to $40 billion. Shares of Sandisk, Western Digital, KLA, and Applied Materials also moved higher as investors reacted positively to Micron's results. However, gains in chip stocks were not enough to lift the entire technology sector.

Apple shares dropped nearly 5%, making it one of the biggest drags on the Nasdaq. Investors reacted negatively after Apple announced price increases for some MacBook and iPad models, noted by CNBC. Apple said higher component costs, especially rising chip prices, were behind the price increases.

The news increased concerns that rising chip costs could hurt profits for major technology companies. Other large tech companies also fell during trading. Nvidia and Amazon each lost more than 2%.

Microsoft also traded lower as investors reduced exposure to major technology stocks. Meta Platforms and Alphabet both fell more than 1%. SpaceX shares were also affected by the broader technology sell-off. SpaceX stock fell about 1%, adding to a similar decline from the previous day.

Earlier in the session, all three major US stock indexes opened higher following strong corporate earnings news, stated by CNBC. The S&P 500 rose 0.8%, the Nasdaq gained 1%, and the Dow added 316 points shortly after the opening bell. Investor sentiment later changed as technology stocks weakened throughout the trading day.

Economic data released Thursday also attracted investor attention. The Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred inflation measure, rose 0.4% in May from the previous month, according to the Commerce Department. Economists had expected a 0.5% increase, making the result slightly better than forecast, according to CNBC.

On a yearly basis, headline PCE inflation increased 4.1%, matching economist expectations. Core PCE inflation, which excludes food and energy prices, rose 0.3% in May and 3.4% from a year earlier. The 3.4% annual core inflation reading was the highest level since October 2023. Even though inflation remained high, investors were relieved that the numbers did not come in above expectations.

Market participants had feared energy price increases linked to Middle East tensions could push inflation even higher. Treasury yields moved lower after the inflation report. The yield on the benchmark 10-year US Treasury note fell more than 2 basis points to about 4.37%.

The US dollar index was little changed during the session after strengthening the previous day. Shares of Trip.com Group dropped 12% after the company reported earnings below Wall Street expectations and issued weaker-than-expected revenue guidance.

Wendy's shares gained another 7% in premarket trading after soaring more than 25% in the previous session. Bio-Techne shares jumped 19% after agreeing to be acquired by drugmaker Merck for $73 per share.

Overall, Thursday's market action showed a clear divide between strong-performing chip companies and struggling big technology stocks. Investors welcomed solid earnings and inflation data but remained worried that rising chip costs could pressure the profits of major technology companies in the months ahead, as per CNBC report.

Durva More is a Senior Content Producer at Hindustan Times, where she covers finance, and global news. She brings experience across digital and television journalism, with a strong focus on breaking news, business reporting, and international affairs. Before joining Hindustan Times, Durva worked as an International News Writer at The Economic Times, covering a diverse range of subjects including global politics, business, sports, entertainment, and major world events. She also worked as a Business Reporter with NDTV Profit. A postgraduate diploma holder in Journalism from the Asian College of Journalism, Durva is passionate about field reporting and storytelling. She thrives on the adrenaline of chasing stories, speaking with people from different walks of life, and amplifying voices that deserve to be heard. Her reporting is driven by curiosity, accuracy, and a commitment to making complex subjects accessible to readers. When she is not chasing stories or covering breaking news, Durva enjoys reading books and painting. She loves exploring new ideas, meeting people, and learning about different perspectives. For her, both journalism and art are ways to understand the world and tell stories that matter.Read More