Stock Market Today: S&P 500 Slips as Micron Fails to Impress, 10-Year Yields Ease to 5.25%
The S&P 500 slipped at midday Thursday as Micron Technology Inc. (NASDAQ: MU ) fell 1.6% despite a record quarter, with the 10-year Treasury yield hovering near 5.25% and oil climbing back above $92. Micron reported fiscal fourth-quarter revenue above $54 billion and guided first-quarter revenue to $61.5 billion, but the stock gave ground as investors weighed the print against surging yields. Meanwhile, a blowout earnings report from Accenture plc (NYSE: ACN ) lit up IT services and AI-linked optical names. The S&P 500 fell 12 points, or 0.2%, to 7,639, while the Dow Jones Industrial Average dropped 145 points, or 0.3%, to 50,761. The Nasdaq 100 slipped 0.2% to 30,355, while the Russell 2000 was little changed at 2,795. Minneapolis Federal Reserve President Neel Kashkari said "inflation is still too high" despite a cooler PCE reading, reinforcing bets that the central bank is not done tightening policy. The 10-year Treasury yield fell 5 basis points to 5.24% by midday, retreating after it briefly touched 5.34% earlier in the session, its highest level since April 2002. The 30-year yield eased 3 basis points to 5.61%, after earlier reaching about 5.67%, its highest since July 2002.
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The S&P 500 slipped at midday Thursday as Micron Technology Inc. 25% and oil climbing back above $92. 5 billion, but the stock gave ground as investors weighed the print against surging yields. Meanwhile, a blowout earnings report from Accenture plc (NYSE: ACN ) lit up IT services and AI-linked optical names.
3%, to 50,761. 2% to 30,355, while the Russell 2000 was little changed at 2,795. Minneapolis Federal Reserve President Neel Kashkari said "inflation is still too high" despite a cooler PCE reading, reinforcing bets that the central bank is not done tightening policy. 34% earlier in the session, its highest level since April 2002.
67%, its highest since July 2002. Middle East risk premia remained firmly in energy prices. 65 per barrel. 46, back above the $100 mark.
4% and gold futures near $4,195 per ounce. 7%. 2%. 3%.
2%. 1%. 5%. 1%, respectively.
6%. 5%. 3%. 17 billion.
81. The read-across lifted IT services peers, with Cognizant Technology Solutions Corp. 7% and other IT services names also higher. Synopsys Inc.
com Inc. (NASDAQ: AMZN ), and a partnership with OpenAI on AI chip design. AI networking stocks also rallied. Coherent Corp.
0% after unveiling its PhotonLink integrated-optics platform for AI data centers and winning an Outperform initiation from Bernstein, which also started Lumentum Holdings Inc. (NASDAQ: LITE ) at Outperform. 006 billion, up 109% year over year. Vicor Corp.
0% after raising its third-quarter sequential revenue growth guidance to above 30% from above 20%, on higher Vertical Power Delivery royalties. Fair Isaac Corp. 5%, bouncing after Tuesday's roughly 26% plunge on a change to mortgage credit-scoring rules; no fresh company-specific catalyst was confirmed in today's tape. On the downside, Fermi Inc.
3% to a fresh 52-week low, with no specific news catalyst confirmed; recent price-target cuts from Mizuho and Stifel have weighed on the stock. Tempus AI Inc. 7%, giving back part of a sharp rally earlier this month, though no news catalyst was confirmed for today's move. AppLovin Corp.
5% and Versant Media Group Inc. 3%; no confirmed news catalyst was identified for either move. Alnylam Pharmaceuticals Inc. 5% in line with weakness across health care, with no company-specific news identified.
After the close, Nike Inc. (NYSE: NKE ) is scheduled to report quarterly results. 24% Coherent Corp. 45% Lumentum Holdings Inc.
18% Thursday's Russell 1000 Top Losers Name % change Fermi Inc. 34% Tempus AI, Inc. 51% Alnylam Pharmaceuticals, Inc. 48% Versant Media Group, Inc.
33% Image: Shutterstock