Dow stumbles on Micron’s warning; Inflation data invested by

© Reuters.

By Yasin Ebrahim – The Dow fell on Tuesday, a day before a fresh update on inflation, after a profit warning from chipmaker Micron weighed on technology stocks.

A decrease of 0.17%, or 56 points, down 1.2%, down 0.42%.

Micron Technology (NASDAQ:) forecasts negative free cash flow for the second quarter, as revenue declines as weaker PC and video game sales are expected to weigh on chip demand. Its shares fell more than 4%.

The warning from Micron comes just a day after Nvidia (NASDAQ:) also warned about performance and caused a sea of ​​red across chip stocks, dragging the broader tech sector in the red.

Consumer discretionary shares were weighed down by a plunge in travel companies and retailers following weaker-than-expected results.

Norwegian Cruise Line (NYSE:) reported that it missed Wall Street expectations and offered dismal guidance, forecasting that occupancy is not expected to return to pre-pandemic levels until next year. .

Royal Caribbean Cruises (NYSE:) and Carnival (NYSE:) fell more than 5%.

Ralph Lauren (NYSE:) fell more than 4% after the luxury retailer reported first-quarter results that beat analysts’ estimates, but warned that a strong dollar would prove drag revenue growth in 2023.

Signet Jewelers (NYSE) fell 11%, after cutting guidance for the second quarter and full year on weaker-than-expected July sales as hot inflation continued to weigh on consumers.

Allbirds (NASDAQ:) also cut its guidance after marking a decline in consumer spending, sending its shares 19% lower.

Meanwhile, energy stockpiles fell to a broader trend even as oil prices rose on renewed hopes of a breakthrough in US-Iran talks aimed at revitalizing the 2015 Iran nuclear deal. paved the way for much-needed crates to market.

ONEOK (NYSE:), Marathon Petroleum (NYSE:), and Occidental Petroleum Corporation (NYSE:) were among the biggest gainers with the following supportive news that Warren Buffett’s Berkshire Hathaway has increased its stake in the guy. oil giant to more than 20%.

Stocks’ two-day swings come just a day before July’s inflation report, which many believe could indicate peaking inflation and discourage the Federal Reserve from stepping up its pace of key tightening. currency book.

Economists forecast that growth slowed to 8.7% in the 12 months to July from 9.1% in February.

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