Yahoo Finance
Tech stocks fluctuated on Thursday as blowout Micron (MU) earnings failed to bolster sagging confidence in the AI trade and a fresh inflation report showed prices rising again in May.
The tech-heavy Nasdaq Composite (^IXIC) slipped 0.4% after rising earlier in the session, while the S&P 500 (^GSPC) rose 0.2% followingseveral tough daysfor Wall Street stocks.
The Dow Jones Industrial Average (^DJI), which includes fewer tech names, climbed 0.9%.
Micron'srecord-setting quarterly resultsrelieved Wall Street jitters over lofty AI valuations and spending.
Its shares rocketed more than 10% higher after the company's sizeable earnings beat and stronger-than-expected outlook signaled healthy demand for its memory chips.
Meanwhile, Qualcomm (QCOM) announced amove beyond smartphones into data centerproducts such as chips and servers, in a bid to cash in on the AI boom.
Its stock rose about 3% after it set a target of $15 billion in related new revenue.
In another lift to spirits, oil prices fell back to levels not seen since the Iran war as supply flooded back through the Strait of Hormuz.
Brent crude futures (BZ=F) rose slightly to $75 a barrel, while West Texas Intermediate futures (CL=F) were at around $71.
Focus also shifted to thelatest releaseof the Personal Consumption Expenditures (PCE) Index, the Federal Reserve's preferred measure of inflation, which showed prices heated up again in May amid the Iran war shock.
PCE rose 4.1% in May, in line with expectations, and 0.4% month over month, slightly below expectations.
That's likely to keep the debate about an interest rate hike in play this year.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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