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Nasdaq dragged lower by Apple, Dow notches record as market divides: Live updates
The Nasdaq Composite fell on Thursday, even after a blowout Micron Technology earnings report, as traders moved out of key technology stocks. The market was divided as non-artificial intelligence stocks boosted the Dow Jones Industrial Average.
The tech-heavy Nasdaq dropped 0.4%, while the S&P 500 rose 0.3%. The 30-stock Dow was up 601 points, or 1.2%.
Shares of Apple led the Nasdaq lower, dropping nearly 5% after the company announced price increases on MacBook and iPad. Apple cited the surge in prices for components like chips.
Other major tech companies, which are buyers of semiconductors, also fell. Alphabet and Meta Platforms, for instance, both dropped more than 1%. Some concern may be arising that the margins of major tech companies could be crimped because of the rising price of chips.
Stock market spoiler: Apple's price hikes erase Micron's post-earnings tech rally
It's a volatile day on Wall Street after a short-lived tech rally soured and abruptly reversed course.
Micron's stellar earnings report boosted the stock by nearly 20% and reignited the AI trade, helping the Nasdaq 100 jump 2% at Thursday's opening bell.
But it wasn't to last. Just a half an hour into regular trading, the tech-heavy Nasdaq's gains reversed, dragged lower by Apple stock, which dropped on news of price hikes on devices as it responds to the memory-supply crunch.
Apple officially raised price for Macs and iPads, a change outgoing CEO Tim Cook warned about earlier this month when discussing memory chip costs.
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