Stock market today: Live updates

The Nasdaq Composite fell on Thursday, even after a blowout Micron Technology earnings report, as traders moved out of key technology stocks. The market was divided as non-artificial intelligence names boosted the Dow Jones Industrial Average to a new all-time intraday high.

The tech-heavy Nasdaq dropped 0.46% to end at 25,358.60, marking its first four-day string of losses since February. The S&P 500 slipped 0.01% to 7,357.49. The 30-stock Dow was up 71.72 points, or 0.14%, and closed at 51,920.62. For the Dow, healthcare, financial and industrial stocks offered the blue-chip index a boost. Shares of Johnson & Johnson were up roughly 1%, while shares of Caterpillar jumped 6%.

Shares of Apple led the Nasdaq lower, dropping 6% after the company announced price increases on MacBook and iPad. Apple cited the surge in prices for components like chips. Additionally, Microsoft shares declined 3.5% after the company announced it’s raising prices on Xbox consoles.

Other major tech companies, which are buyers of semiconductors, also fell. Alphabet and Meta Platforms, declined nearly 1% and more than 2%. Some concern may be arising that the margins of major tech companies could be crimped because of the rising price of chips.

With the price of memory increasing, Jed Ellerbroek of Argent Capital Management noted that “everything that we buy that’s electronic that has semiconductor content” such as TVs and cars “are going to go up in price.”

“I think there are pretty big spillover effects from just really big inflation and technology supply chains,” the portfolio manager also said. Right now, however, the consumer is “strong enough to absorb these price increases,” he added.

May’s personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — showed that the headline index rose 0.4% on the month, just below the 0.5% rise that economists polled by Dow Jones were expecting. The headline index also rose 4.1% on a yearly basis, in line with expectations.

Excluding volatile food and energy prices, core PCE gained 0.3% month over month and 3.4% year over year. Both were also in line with what economists expected. While core inflation reached its highest level since October 2023, investors were relieved the numbers weren’t even higher in the wake of rising energy prices from the Middle East conflict.

Treasury yields edged lower, with the yield on the benchmark 10-year note down less than 1 basis point to trade at 4.396%.

“Inflation is too high, but it’s not out of control,” Ellerbroek said.

Micron kept the market’s moves to the downside in check, as the stock surged almost 16% after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations. Fellow semiconductor stock Qualcomm gained nearly 4% after raising guidance for its non-handset revenue in fiscal 2029. Other chip names, such as Sandisk, Western Digital, KLA and Applied Materials, rose in sympathy.