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S&P 500, Nasdaq drop as tech megacap declines outweigh upbeat Micron forecast

The Nasdaq fell on Thursday due to declines in megacap tech shares and concerns over hyperscaler spending. Positive AI demand signals from Micron and Qualcomm failed to prevent the downturn. The Dow Jones Industrial Average rose 87.33 points to 51,936.23.

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What changed

Big Tech losses and interest rate fears outweighed positive earnings reports from the chip sector.

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  1. Nasdaq Drops as Big Tech Losses Offset Upbeat Chip Forecasts

    The Nasdaq fell on Thursday due to declines in megacap tech shares and concerns over hyperscaler spending. Positive AI demand signals from Micron and Qualcomm failed to prevent the downturn. The Dow Jones Industrial Average rose 87.33 points to 51,936.23.

    What's confirmed:

    • The Nasdaq dropped on Thursday due to losses in Big Tech shares.
    • Micron shares rose 14% and Qualcomm shares rose 5%.
    • The Dow Jones Industrial Average increased by 87.33 points to 51,936.23.
    • Apple shares fell nearly 5% after increasing prices for MacBooks and iPads to address rising memory and storage chip costs.
    • Nvidia, Alphabet, and Microsoft shares declined between 1.2% and 2.7%.
    • Micron reported a 346% jump in sales.

    Still unconfirmed:

    • Robert Conzo of Wealth Alliance suggests stocks stopped rising because they cannot grow forever.
    • Hyperscaler debt-backed spending and a hawkish Federal Reserve have fueled this week's market downturn.
    confidence 95%