Market Update: Stock Prices Fluctuate Post Key Data Release, Micron Shares Fall

Money | June 27, 2024, 8:04 a.m.

US stocks saw a wobble on Thursday as Micron's outlook dampened tech-rally hopes, with the S&P 500 remaining flat near all-time highs. Concerns over AI-linked companies' performance are growing, impacting key tech players. Investors are monitoring economic data ahead of a crucial inflation report for Federal Reserve policy. Micron's sales forecast met expectations but failed to impress, causing a 4% drop in its shares. Nvidia also fell 1%, reigniting worries of a market sell-off. Economic indicators showed mixed results, with GDP up slightly and jobless claims decreasing but recurring claims rising. Levi Strauss shares sank over 15% due to a revenue miss, reflecting broader consumer uncertainties. Netflix and Meta's gains helped lift the tech-heavy Nasdaq, while the Dow and S&P remained steady. Market sentiment remains cautious amidst mixed signals and concerns over tech performance.