Stocks were little changed after weak earnings reports

Posted on June 28, 2024 by darion

Baystreet.ca – The stock market was little changed after weak earnings reports<br />

The S&P 500 index fell slightly on Thursday as declines in the prices of Nvidia and Micron Technology weighed on the broad market index.

The Dow Jones Industrials gained 64.7 points to head into Thursday’s lunch at 39,192.50.

The much broader index fell 6.89 points to 5,471.01.

The NASDAQ fell 21.55 points to 17,783.61.

Semiconductor stocks fell, raising questions about whether artificial intelligence trade can continue to sustain markets in the second half of this year. Micron shares fell more than 5% after the chipmaker issued fourth-quarter revenue guidance in line with estimates. Semiconductor giant and market leader Nvidia also fell, falling 2%.

The moves come as investors await the May release of the Core Personal Consumer Expenditures Price Index, which is the Fed’s preferred measure of inflation. Economists surveyed by Dow Jones expect core PCE to increase 0.1% month-over-month and 2.6% from the year-ago period.

Several stocks fell after the quarterly results were released. The value of Levi Strauss fell 16% after the jeans maker’s latest quarterly earnings disappointed investors. Walgreens Boots Alliance fell 24.2% after lowering its full-year forecast and posting lower-than-expected earnings in the previous quarter.

Prices for 10-year Treasury bonds soared, with yields falling to 4.29% from Wednesday’s 4.32%. Treasury bond prices and yields are moving in opposite directions.

Oil prices rose 58 cents to $81.48 a barrel.

Gold prices rose $23.80 to $2,337.00