Stocks were mixed on Thursday as blowout earnings from Micron (MU) failed to deter a sell-off in Big Tech, while a fresh inflation report showed prices rising again in May.
The tech-heavy Nasdaq Composite (^IXIC) slipped 0.5%, while the S&P 500 (^GSPC) fell below the flat line following several tough days for Wall Street stocks. The Dow Jones Industrial Average (^DJI), which includes fewer tech names, climbed 0.1%.
Micron's record-setting quarterly results relieved Wall Street jitters over lofty AI valuations and spending. Shares of the memory chip maker rocketed more than 15% after the company's blowout earnings beat and guidance.
However, Big Tech took a hit as concerns over dwindling free cash flow amid AI spending weighed on the hyperscalers.
Meanwhile, Apple (AAPL) shares declined roughly 6% after the iPhone maker raised prices on its MacBooks and iPads due to surging memory and storage costs.
The tech-heavy Nasdaq Composite (^IXIC) slipped 0.5%, while the S&P 500 (^GSPC) fell below the flat line following several tough days for Wall Street stocks. The Dow Jones Industrial Average (^DJI), which includes fewer tech names, climbed 0.1%.
Micron's record-setting quarterly results relieved Wall Street jitters over lofty AI valuations and spending. Shares of the memory chip maker rocketed more than 15% after the company's blowout earnings beat and guidance.
However, Big Tech took a hit as concerns over dwindling free cash flow amid AI spending weighed on the hyperscalers.
Meanwhile, Apple (AAPL) shares declined roughly 6% after the iPhone maker raised prices on its MacBooks and iPads due to surging memory and storage costs.
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