Stocks showed a mixed performance midday on Thursday, with the major indices seeing some weakness from earlier highs. Meta Platforms broke out of a base, while Nvidia fell as Micron dragged down the chip sector.
The Dow edged up slightly, while the Nasdaq trimmed its gains and the S&P 500 dipped. The small-cap Russell 2000 also saw gains trimmed and remained below its 50-day moving average. Volume was up on both the Nasdaq and NYSE compared to the previous day.
Meta Platforms saw a breakout after reports of potential talks with Apple for AI models. Jefferies Financial Group also had a strong day, with shares soaring and breaking out of a base. Camtek, an Israel-based company specializing in inspection equipment for semiconductors, reached a record high.
Nvidia stock fell slightly, with Micron also seeing a decline after weak fourth-quarter revenue guidance. Micron’s specialty chip, high-bandwidth memory, is used in AI accelerators, which provides exposure to the AI investing theme. Despite a weak breakout in May, Micron shares have been climbing before sliding back recently.
In economic news, initial jobless claims came in slightly lower than expected, while GDP and Personal Consumption Expenditures readings were mixed. Amazon hit new highs, while AeroVironment and Simply Good Foods both saw reversals following recent earnings reports.
Stocks like Levi Strauss and Walgreens Boots Alliance fell hard after earnings disappointments, with both companies seeing significant declines in their stock prices.
Overall, the stock market showed some mixed signals on Thursday, with certain companies breaking out and others facing challenges. The technology sector remains in focus, especially with regards to AI-related companies like Nvidia and Micron. Economic data continues to impact market sentiment, contributing to fluctuations in stock prices.
