Mixed Market Movements Amid Economic Uncertainty and Micron’s Downbeat Guidance

U.S. stocks showed mixed performance Thursday as investors digested economic data and lacklustre guidance from Micron Technology (NASDAQ) ahead of the first presidential debate.

Market Snapshot:

  • Dow Jones Industrial Average: -0.1%
  • S&P 500: +0.2%
  • NASDAQ Composite: +0.3%

Chip Sector Declines:

  • Micron Technology: -5% after in-line revenue guidance disappointed investors.
  • Nvidia, Arm Holdings, and Broadcom: Also traded lower.

Economic Data Highlights:

  • U.S.-Manufactured Capital Goods: New orders fell unexpectedly in May.
  • Unemployment Benefits: First-time applications drifted lower last week.

Upcoming Focus:

  • PCE Price Index: Key inflation data expected Friday.
  • Presidential Debate: Democrat Joe Biden and Republican Donald Trump face off.

Corporate News:

  • Nike: Earnings due after market close.
  • Walgreens Boots Alliance: -22% after cutting fiscal 2024 guidance.
  • Levi Strauss: -14% on disappointing Q2 revenue.
  • McCormick: +4.4% after beating profit and sales expectations.
  • International Paper: -8.9% following report of Suzano abandoning acquisition plans.

Crude Oil Rebounds:

  • U.S. Crude Futures: +0.8% at $81.55 per barrel.
  • Brent Contract: +0.8% at $85.11 per barrel.

The rebound followed a surprise build in U.S. crude and gasoline inventories, indicating weak fuel consumption despite the travel-heavy summer season.