Reported 9 months ago
U.S. stocks saw a slight increase even as Micron Technology's performance weighed on the tech sector, with investors focusing on inflation data and Treasury bond yields for the second quarter's end. Micron shares dropped 7.7% due to a conservative outlook, causing questions about AI expenditures. Atlanta Fed President Raphael Bostic's supportive comments on a possible rate cut in 2024 boosted stock levels, with the S&P 500 up 0.12% and the Nasdaq 0.3%. The Commerce Department reported a modest 1.4% first-quarter GDP growth, weekly jobless claims dipped, and June durable goods orders were slightly stronger. Walgreens' lower-than-expected earnings led to a profit forecast cut, and Amazon stock hit a record $2 trillion value. Micron's disappointing forecast influenced chipmakers' stock prices, and the Fed's stress tests paved the way for dividend payouts among major banks.
Source: YAHOO