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| Micron shares surged nearly 16%, leading the semiconductor sector's rally, while Apple's plunge put pressure on the Nasdaq. |
The US stock market ended the trading session on June 25th (US time) with a clear divergence as money continued to shift between different stock groups. Strong gains in the semiconductor sector, led by Micron Technology, helped the Dow Jones index maintain its positive performance, while selling pressure on Apple and many other large-cap technology stocks caused the Nasdaq Composite to fall.
At the close of trading, the Dow Jones Industrial Average rose 71.72 points, or 0.14%, to 51,920.62. In contrast, the Nasdaq Composite fell 118.03 points, or 0.46%, to 25,358.60. The S&P 500 was virtually unchanged, declining less than 0.1% to 7,357.49. Meanwhile, the Russell 2000, representing small-cap companies, rose 0.7%, indicating a trend of capital flowing beyond the Big Tech sector.
The most prominent bright spot in the market came from the semiconductor sector after Micron Technology announced quarterly results that far exceeded analysts' expectations. Both revenue and profit grew strongly thanks to the continued boom in demand for memory used in artificial intelligence (AI). Furthermore, the company projected positive revenue prospects for the coming quarters, reinforcing the belief that the chip industry's growth cycle still has significant room for growth.
Positive investor reaction helped Micron's stock surge nearly 16%, becoming the biggest driver supporting the market. The ripple effect also pulled up the share prices of numerous other companies in the industry, including Sandisk, Western Digital, and Qualcomm. Qualcomm even raised its long-term revenue outlook thanks to expansion into areas beyond smartphones, particularly AI data centers and next-generation processors.
Thanks to the momentum from Micron and many other semiconductor companies, the semiconductor industry index rose more than 3%, heading towards its strongest quarterly gain in history. This reflects investors' expectations that the wave of investment in AI will continue to drive demand for memory chips, processors, and data center infrastructure for years to come.
However, the positive performance of the semiconductor sector was not enough to offset the pressure from large-cap technology stocks. Apple became the focus of selling pressure, falling more than 6%, its sharpest decline in months. This was due to the company announcing price increases for several Mac and iPad product lines to offset rising component costs.
Apple's price increase has raised concerns about consumer purchasing power amid persistently high inflation and a lingering cost of living. Investors are also worried that the price adjustments could negatively impact the company's sales in the future, especially as the consumer electronics market continues its slow recovery.
Besides Apple, many other tech giants such as Nvidia, Microsoft, and Alphabet also adjusted downwards after a strong upward trend. Although the long-term outlook for AI remains positive, investors are becoming more cautious given the massive spending on AI infrastructure and the significantly higher valuations of many companies in this field.
From a macroeconomic perspective, the market continues to closely monitor signals regarding inflation and monetary policy. The latest report indicates that overall price pressures remain consistent with economic experts' expectations. This information contributed to a slight decrease in US government bond yields, thereby supporting investor sentiment. At the same time, the number of unemployment benefit claims remains low, reflecting the continued stability of the US labor market.
Beyond the technology sector, mergers and acquisitions (M&A) activity also attracted market attention. Bio-Techne shares surged after news that the company had reached an agreement to be acquired by Merck KGaA for approximately $11.3 billion. This is one of the most notable deals in the biotechnology sector recently, contributing to improved sentiment towards healthcare stocks.
Experts believe Wall Street is entering a phase of increasingly clear divergence. Companies with better-than-expected earnings, especially in the AI and semiconductor sectors, continue to receive strong capital inflows. Meanwhile, stocks that have risen sharply or face risks related to costs, consumer demand, and high valuations may continue to face downward pressure.
In the short term, investors' attention will be focused on the PCE inflation index, new statements from Federal Reserve officials, and the second-quarter earnings season. These are considered key factors determining the market's future trend, as expectations of AI-driven growth continue alongside concerns about inflation and the possibility of maintaining high interest rates.
Source: https://thoibaonganhang.vn/micron-but-pha-apple-lao-doc-pho-wall-phan-hoa-184003.html
