The session on Thursday (27/6) at the stock exchange in New York began with mixed signs, with investors “weighing” the new data on the American economy. The strong losses for Micron are because the company’s forecast is weighing on other semiconductor (chip) stocks.
THE Dow Jones decreased by 0.06% to 39,102.56 points, while the S&P 500 rose by 0.15% to 5,486.21 points and the Nasdaq rose by 0.31% to 17,859.67 points.
Micron fell more than 5% after issuing guidance, citing lower-than-expected earnings. Levi Strauss fell 15% as the company’s quarterly earnings disappointed investors. Similarly, Walgreens Boots Alliance sank 21% after cutting its outlook for this year and reporting lower earnings last quarter.
The moves come as Wall Street awaits the latest inflation data, with the release of May’s personal consumption expenditure index next Friday. Investors are hoping the report will show an easing of price pressures, raising the possibility that the Fed will cut interest rates later this year.
During the day, initial jobless claims in the US fell by 6,000 to 233,000 in the week ended June 22. Additionally, the unemployment rate rose to 4% in May for the first time since January 2022
The US economy grew at a rate of 1.4% in the first quarter of 2024, the slowest in two years. The previous measurement shows that the GDP in the US increased by 1.3% in the first quarter.