Nasdaq dragged lower by Apple, Dow notches record as market divides: Live updates

The Nasdaq Composite fell on Thursday, even after a blowout Micron Technology earnings report, as traders moved out of key technology stocks. The market was divided as non-artificial intelligence stocks boosted the Dow Jones Industrial Average.

The tech-heavy Nasdaq dropped 0.4%, while the S&P 500 rose 0.4%. The 30-stock Dow was up 598 points, or 1.1%.

Shares of Apple led the Nasdaq lower, dropping nearly 5% after the company announced price increases on MacBook and iPad. Apple cited the surge in prices for components like chips.

Other major tech companies, which are buyers of semiconductors, also fell. Alphabet and Meta Platforms, for instance, both dropped more than 1%. Some concern may be arising that the margins of major tech companies could be crimped because of the rising price of chips.

Micron kept the market’s moves to the downside in check, however, as the stock surged 10% after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations. Fellow semiconductor stock Qualcomm gained 3% after raising guidance for its non-handset revenue in fiscal 2029. Other chip names, such as Sandisk, Western Digital, KLA and Applied Materials, rose in sympathy.

For the Dow, healthcare, financial and industrial stocks offered the blue-chip index a boost. Shares of Johnson & Johnson and JPMorgan Chase each gained more than 2%, while shares of Caterpillar jumped almost 5%.

Outside of equities, the dollar index — which measures the greenback against a basket of major currencies — was last little changed. It rose on Wednesday amid mounting bets Federal Reserve rate hikes.

May’s personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — showed that the headline index rose 0.4% on the month, just below the 0.5% rise that economists polled by Dow Jones were expecting. The headline index also rose 4.1% on a yearly basis, in line with expectations.

Excluding volatile food and energy prices, core PCE gained 0.3% month over month and 3.4% year over year. Both were also in line with what economists expected. While core inflation reached its highest level since October 2023, investors were relieved the numbers weren’t even higher in the wake of rising energy prices from the Middle East conflict.

Treasury yields edged lower, with the yield on the benchmark 10-year U.S. Treasury note sliding more than 2 basis points to trade at 4.374%.