The Dow Jones ended just at the flat line on Thursday, having cooled off over 700 points from its intraday high of 52,655. The S&P 500 and Nasdaq Composite also reversed gains to end below the flat line. The Nasdaq Composite ended 0.5% lower. The Nasdaq 100 managed to close 220 points higher but not before cooling off more than 400 points from its own day’s high.
Shares of Apple led the losses in tech names on Thursday, declining 6% after announcing a price hike for various products. The fall was the company’s biggest in a single session since April 2025 and wiped out $265 billion in market capitalization as well.
Apple’s losses led to every other component of the Magnificent Seven ending with losses on Thursday with shares of Nvidia, Microsoft, Meta, Amazon ending declining between 1.5% to 3.5%.
The fall in the Big seven names overshadowed a blowout quarterly performance and guidance from chip manufacturer Micron Technology, shares of which surged 15%, adding to the 700% increase already seen over the last 12 months.
Crude oil prices rose after a ship was hit by an unknown projectile in the Strait of Hormuz, just hours after several freighters turning around while attempting to cross the waterway.
US consumer spending accelerated in May even as Personal Consumption Expenditure (PCE) inflation rose at the fastest pace in more than three years. US GDP for the first quarter also grew at 2.1% in another revised estimate, higher than earlier anticipated.
Futures this morning are also presenting a mixed picture as the Dow futures are trading with gains of close to 100 points, while the Nasdaq futures are down 100 points.
The choppy moves seen on Wall Street have also rubbed off on the Asian equities, with the Nikkei and KOSPI leading the losses and shares of SoftBank dropping as much as 11%.
