Stock market today: Stocks waver after key data as Micron slides
What was the S&P 500's performance on Wednesday?
The S&P 500 index closed modestly higher on Wednesday, with a 0.2% gain. This increase brought the index's year-to-date advance to 14.8%. The technology-heavy Nasdaq Composite also climbed 0.5% on the same day.
What economic data was released before the inflation reading?
Before the inflation reading, economic data released included a new batch of initial weekly jobless claims, which came in at 233,000, a decrease of 6,000 from the previous week. Additionally, real gross domestic product (GDP) increased at an annual rate of 1.4% in the first quarter of 2024, according to the third estimate by the Bureau of Economic Development.
How did Micron's outlook impact tech stocks?
Micron's outlook caused tech stocks to dip as its sales forecast for the current quarter met expectations but failed to satisfy investors looking for stellar outperformance from AI-linked companies. This led to concerns that the rally driven by AI enthusiasm could be at risk if tech companies do not continue to exceed expectations.