Dow Jones surges 598 points as non AI stocks rise
Thursday was a rollercoaster for US stocks. The Dow Jones soared by 598 points (1.1%) and the S&P 500 edged up 0.4%, mostly thanks to strong performances from non-AI stocks.
Meanwhile, the Nasdaq slipped 0.4%. Tech stocks just couldn't keep up, even though inflation numbers were right on target and earnings news started the day on a high note.
Micron Technology surges, Apple falls
Micron Technology wowed investors with earnings way above expectations, sending its shares up 12% and boosting other chip makers like Qualcomm and Western Digital.
On the flip side, Apple dropped nearly 5% after raising prices on some MacBook and iPad models because of higher chip costs, which also hurt big names like NVIDIA, Amazon, Microsoft, Meta, and Alphabet, with NVIDIA and Amazon seeing losses over 2% and Meta and Alphabet falling more than 1%.
Despite these bumps in tech, investors remained worried that rising chip costs could pressure the profits of major technology companies in the months ahead.