Nasdaq Drops 0.5% as Apple, Microsoft Price Hikes Lift Dow to Record
Updated
Updated · CNBC · Jun 24
Nasdaq Drops 0.5% as Apple, Microsoft Price Hikes Lift Dow to Record
3 articles · Updated · CNBC · Jun 24
Summary
Apple sank 5% and Microsoft nearly 4%, pulling the Nasdaq Composite down 0.5% even as the Dow added 161 points, or 0.3%, to a fresh intraday record.
Price increases on MacBooks, iPads and Xbox consoles sharpened worries that rising chip and component costs will squeeze big tech margins and spread inflation through electronics, cars and other goods.
Micron jumped 14% after topping quarterly estimates, while Qualcomm rose 6% on stronger long-term non-handset guidance, helping limit the broader tech selloff as other chip stocks advanced.
May PCE inflation rose 0.4% from April and 4.1% year over year, matching expectations closely enough to ease fears of a hotter print; the 10-year Treasury yield slipped to 4.384%.
Healthcare, financial and industrial shares including Johnson & Johnson, JPMorgan and Caterpillar drove the Dow higher, underscoring a rotation away from AI-linked megacaps into non-tech sectors.