The three major US indexes couldn’t agree on a direction Wednesday. The Dow Jones Industrial Average eked out a 0.14% gain to close at 51,920.62, the S&P 500 finished essentially flat with a 0.01% decline at 7,357.49, and the Nasdaq Composite dropped 0.46% to 25,358.60.
The culprit behind the split: semiconductor stocks surged on the back of Micron Technology’s earnings report, but mega-cap tech names like Apple and Nvidia had a rough day, and their sheer weight dragged the broader indexes down.
Micron’s monster quarter vs. mega-cap pain
Micron Technology delivered fiscal Q3 revenue of $41.46 billion, blowing past analyst expectations of roughly $35.8 billion. The company’s adjusted earnings per share came in at $25.11, also beating estimates. Investors rewarded the memory chipmaker with an approximately 15% stock price surge in a single session.
The company raised its Q4 revenue guidance to around $50 billion, signaling that AI-related demand for memory chips isn’t slowing down anytime soon.
