S&P 500 Falls

The S&P 500 finished little changed on Thursday as investors rotated out of technology stocks despite a blockbuster earnings report from Micron Technology Inc. (NASDAQ: MU ), with Polymarket traders turning cautious ahead of Friday’s opening bell. 49. Polymarket’s June 26 contract now implies just a 40% probability that the benchmark index will open higher on Friday.

Why That Number Matters The latest bout of weakness suggests investors are becoming increasingly concerned about the rising costs of artificial intelligence infrastructure rather than demand for AI itself. While Micron shares surged nearly 16% after delivering stronger-than-expected quarterly results and Qualcomm (NASDAQ: QCOM ) gained after raising its long-term revenue outlook, investors continued rotating away from large-cap technology names.

Shares of Apple (NASDAQ: AAPL ) fell 6% after announcing price hikes on MacBooks and iPads, while Microsoft ‘s (NASDAQ: MSFT ) stock dropped more than 3% after raising Xbox console prices, fueling concerns that higher semiconductor costs could begin squeezing margins across the broader technology sector. Meanwhile, May’s Personal Consumption Expenditures index — the Federal Reserve’s preferred inflation gauge — came in broadly in line with expectations, offering some relief that inflation pressures are not accelerating faster than anticipated despite recent geopolitical tensions. The Countercase Micron’s earnings reaffirmed that AI-related demand remains robust.

However, technology stocks remain under pressure globally, with semiconductor-related weakness spreading across Asia and Europe. South Korea’s Kospi fell nearly 8%, Japan’s Nikkei lost more than 5% on Friday, while European markets also opened lower as investors questioned whether soaring AI infrastructure costs could eventually weigh on corporate profitability. Market strategists also warn that shifting Federal Reserve expectations, combined with increasingly expensive semiconductor supply chains, could keep volatility elevated even as inflation data remains broadly under control. 37% lower early Friday.

” The contract recorded about $166,968 in traded volume before settling. Image via Shutterstock Read Also: Donald Trump Jr. Got A Kalshi Stake For Free— Now It Could Be Worth Billions As Prediction Market Platform Eyes $40 Billion Valuation: Report