Nasdaq Drops 0.46% for Fourth Day as Apple Sinks 6% on Tech Price Hikes
Updated
Updated · CNBC · Jun 24
Nasdaq Drops 0.46% for Fourth Day as Apple Sinks 6% on Tech Price Hikes
3 articles · Updated · CNBC · Jun 24
Summary
25,358.60 marked the Nasdaq Composite’s fourth straight loss, its first four-day slide since February, even as Micron’s earnings beat helped limit the decline.
Apple fell 6% after raising MacBook and iPad prices on higher chip costs, while Microsoft lost 3.5% after lifting Xbox prices, reinforcing worries that pricier components will squeeze big-tech margins.
Micron jumped nearly 16% and Qualcomm gained almost 4%, with other chip stocks also rising, underscoring a split market in which semiconductor suppliers benefited while major tech buyers sold off.
The Dow added 0.14% to 51,920.62 and hit a record intraday high as healthcare, financial and industrial shares advanced, while the S&P 500 slipped 0.01%.
May PCE showed headline inflation at 0.4% monthly and 4.1% annually, close to forecasts, easing fears of a hotter reading despite Middle East-driven energy pressures and helping keep Treasury yields slightly lower.