finance
U.S. Stocks Mixed as Micron Surges and Apple Falls on Price Increases
The S&P 500 rose 0.3 percent and the Dow Jones gained 227 points while the Nasdaq fell 0.1 percent. Apple shares dropped 4.5 percent after price increases on multiple products. Micron Technology shares jumped 16.6 percent after stronger-than-expected results.
Jun 25, 3:18 PM·1m read1 source
The Sydney Morning HeraldAudio version
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U.S. stock indexes closed mixed Thursday after several artificial-intelligence related shares recovered from earlier losses while Apple shares fell following price increases on many of its products. The S&P 500 rose 0.3 percent after moving between gains and losses during the morning session.
The Dow Jones advanced 227 points, or 0.4 percent, in mid-afternoon trading, and the Nasdaq composite declined 0.1 percent.
Australian share futures pointed to a 0.1 percent gain at the open after the ASX fell 0.7 percent on Thursday.
Technology shares rose 16.6 percent after the company reported stronger profit and revenue than expected for its latest quarter and raised its growth forecast for the current quarter. The results eased some concerns that the stock had become expensive following a 267 percent gain earlier in the year.
Qualcomm shares increased 6.9 percent after the company raised its long-term revenue forecast, projecting $40 billion in revenue outside handsets by fiscal 2029. Apple shares declined 4.5 percent, the largest drag on the S&P 500, after analysts reported price increases of 15 percent to 20 percent on several Mac computers.
Treasury yields eased after a report showed consumer inflation rose to 4.1 percent last month from 3.8 percent in April. The 10-year Treasury yield fell to 4.39 percent from 4.41 percent the previous day. Brent crude oil rose 2 percent to $75.36 per barrel but remained below levels above $100 reached after the Strait of Hormuz closure.
