Stock Market Today, June 24: Micron Surges After Hours as Nasdaq Stems Losses
The S&P 500 (SNPINDEX:^GSPC) slipped 0.10% to 7,358.22, the Nasdaq Composite (NASDAQINDEX:^IXIC) fell 0.43% to 25,476.63 on semiconductor volatility, while the Dow Jones Industrial Average (DJINDICES:^DJI) gained 0.35% to 51,848.90 as it welcomed new components.
Gold futures fell 3.20% to $4,016.82, and the 10-Year Treasury yield slipped 0.09% to 4.40% as of U.S. market close. Sector performance was mixed, as healthcare stocks gained 1.17% while technology dipped 0.69%.
Today's biggest moves
Amazon.com shares edged up slightly on Prime Day optimism, but other tech giants such as Nvidia and Apple fell. Today’s big story was Micron Technology, which reported earnings after the close. The stock finished down 0.31% but soared over 13% in after-hours trading following a beat on analyst estimates and strong guidance.
Chipmaker Cerebras Systems crashed following its first earnings report as a public company. Wendy's jumped 26% today after the stock went viral. Hertz tumbled over 40% after announcing a $100 million stock offering and lower guidance.
What this means for investors
Major U.S. indexes were little changed today, as falling oil prices helped improve sentiment and tech stocks stemmed recent losses. Micron’s strong results may go some way to reassure investors worried about high artificial intelligence (AI) spending.
If you are unsure about how to navigate the current markets, a mid-year note from JPMorgan may help. Analysts highlighted earnings resilience as they increased their end-of-year S&P 500 price target from 7,600 to 7,800 — a 6% increase on today’s close.
However, with anticipated rate hikes and high levels of speculative trading, the report warns that it won’t be plain sailing, noting the strong possibility of a reversal or flash crash. In that scenario, a stock market crash could be an opportunity to pick up quality stocks with strong long-term potential.
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JPMorgan Chase is an advertising partner of Motley Fool Money. Emma Newbery has positions in Amazon, Apple, and Nvidia. The Motley Fool has positions in and recommends Amazon, Apple, JPMorgan Chase, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
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