Micron Falls 3.4% as 4.2% CPI Reading and $1.77 Trillion SpaceX IPO Rattle Markets
Updated
Updated · The Motley Fool · Jun 10
Micron Falls 3.4% as 4.2% CPI Reading and $1.77 Trillion SpaceX IPO Rattle Markets
3 articles · Updated · The Motley Fool · Jun 10
Summary
Micron shares dropped 3.4% by 2:10 p.m. ET, underperforming a broad selloff that pushed the S&P 500 down 0.8% and the Nasdaq Composite down 4.2%.
A 4.2% annual May CPI reading kept inflation concerns alive, even though it largely matched forecasts; core CPI rose 0.2%, slightly below the expected 0.3%.
SpaceX's IPO, set for Friday at $135 a share and a roughly $1.77 trillion valuation, added another source of market anxiety as investors weighed the risk of a weak debut.
That pressure hit high-valuation tech names such as Micron especially hard, with investors also watching geopolitical strains and energy-price risks tied to the Israel-Iran war.