Stock market today: Wall Street extends records, led by chipmakers. Apple falls on DoJ suit
Stocks are extending their push to record highs in morning trading on Wall Street, led by big gains in chipmakers
NEW YORK — Stocks extended their push to record highs Thursday on Wall Street, led by big gains in chipmakers.
The S&P 500 rose 0.6% in morning trading Thursday, following up on hitting a record high for a second straight day. Roughly 80% of stocks in the index gained ground.
The Dow Jones Industrial Average rose 327 points, or 0.8% as of 11:18 a.m. Eastern. The Nasdaq composite rose 0.6%. Both indexes are also coming off of record high.
Micron surged 16% and led chipmakers higher after reporting blowout results for its latest quarter that easily surpassed analysts’ expectations. Chipmaker Broadcom jumped 8.7% after reporting strong earnings.
On the losing end, Apple slumped 3.3% after the Justice Department announced a sweeping antitrust lawsuit against the iPhone maker. It accuses the tech giant of engineering an illegal monopoly in smartphones that boxes out competitors and stifles innovation.
A few retailers slipped following disappointing financial updates. Footwear retailer Designer Brands slumped 14.8% and discount retailer Five Below fell 14.7% after their financial forecasts fell short of Wall Street expectations.
Olive Garden owner Darden Restaurants fell 5.9% after cutting its revenue forecast for the year.
Traders will be keeping a close eye on Reddit, whose shares begin trading today.
Treasury yields were mostly steady a day after the Federal Reserve said it still expects to make three rate cuts this year. That helped calm some nerves on Wall Street, which has been rallying to records on expectations for interest rate cuts, but has recently been concerned about hotter-than-expected inflation
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