Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes

Wall Street closed mixed on Thursday after a volatile trading session driven by contrasting performances from major technology companies. Investors reacted positively to Micron Technology’s strong earnings and AI-driven outlook, while Apple shares tumbled following unexpected price increases across several product lines. Meanwhile, the U.S. dollar and Treasury yields weakened after the latest inflation data largely met market expectations.

The S&P 500 edged down 0.1% to finish at 7,354.42, while the Nasdaq Composite declined 0.5% to 25,358.60 after fluctuating sharply throughout the day. In contrast, the Dow Jones Industrial Average gained 0.1% to close at a record 51,920.93, supported by strength in industrial and value stocks.

Micron Technology was the standout performer, soaring nearly 16% after reporting better-than-expected quarterly earnings and issuing an optimistic revenue forecast. The memory chip giant highlighted strong demand for AI-related memory products and long-term agreements with strategic customers, reinforcing investor confidence that artificial intelligence spending remains robust. Qualcomm also advanced nearly 4% after projecting $15 billion in data center revenue by 2029, adding to optimism surrounding AI infrastructure investments.

Despite the positive sentiment surrounding semiconductor stocks, Apple weighed heavily on the technology sector. The iPhone maker fell more than 6% after announcing significant price increases for MacBooks, iPads, and home devices to offset rising component and memory costs. Investors worried the higher prices could dampen consumer demand and pressure future sales.

Economic data also remained in focus. The May core Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, increased 0.3% month-over-month and 3.4% annually, matching market expectations. Although inflation remains above the Fed’s 2% target, easing energy prices and improving supply conditions have reduced immediate concerns over additional inflationary pressure.

Adding to the positive economic outlook, first-quarter U.S. GDP growth was revised higher to 2.1% from 1.6%, while weekly initial jobless claims declined to 215,000, signaling continued labor market resilience.

Geopolitical developments also influenced market sentiment. Oil prices rebounded after reports of an attack on a cargo vessel in the Strait of Hormuz, raising fresh concerns about global energy supplies despite recent progress toward stabilizing shipping routes in the region.

Overall, investors continue balancing strong corporate earnings, resilient economic data, evolving Federal Reserve policy expectations, and geopolitical risks as markets search for direction. AI-related companies remain a key driver of market optimism, although higher costs, inflation concerns, and global uncertainty continue to create volatility across U.S. financial markets.