Stocks Erase Early Gain as Megacap Tech Stocks Retreat

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Summary · why it matters

Stocks erased early gains and are trading mixed as weakness in the Magnificent Seven technology stocks weighs on the broader market. The S&P 500 is down 0.18%, the Dow Jones Industrial Average is up 0.49%, and the Nasdaq 100 is down 0.20%. Micron Technology surged more than 9% after forecasting fourth-quarter revenue of $50 billion, well above the consensus of $43.24 billion, while Qualcomm rose more than 3% after forecasting annual sales of more than $15 billion from artificial intelligence components for data centers by fiscal 2029. Apple fell more than 4% after raising prices on several products to offset memory chip and storage shortages, and other megacap tech names including Alphabet, Amazon, Microsoft, and Nvidia each dropped more than 2%. Strong U.S. economic data, including an upward revision to first-quarter GDP to 2.1% and a larger-than-expected drop in weekly jobless claims to 215,000, provided early support, while the core PCE price index rose 3.4% year-over-year, matching expectations.

Impact on stocks 31

Artificial Intelligence▼ · 7 stocks
Apple Inc.
AAPL
▼ NegativePricingrelevance

Apple raised prices on several products to offset memory chip and storage shortages, causing shares to fall more than 4%.

Semiconductors▲ · 6 stocks
Micron Technology Inc
MU
▲ PositiveCapitalrelevance

Micron surged more than 9% after forecasting Q4 revenue of $50B, well above consensus of $43.24B.

Qualcomm Incorporated
QCOM
▲ PositiveDemandrelevance

Qualcomm forecast annual sales of more than $15 billion from AI components for data centers by fiscal 2029.

Consumer Discretionary▲ · 5 stocks
Industrials▲ · 5 stocks
Cloud & Digital Infrastructure▲ · 2 stocks
Materials▲ · 1 stocks
Financials▲ · 1 stocks
Spatial Computing / AR/VR▲ · 1 stocks
Biotech & Genomic Medicine▲ · 1 stocks
Electrification & Mobility▲ · 1 stocks
Climate Adaptation & Water▲ · 1 stocks
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