US major indices erase the gains from yesterday. Close sharply lower.

The major US indices fell sharply with both the S&P index and the NASDAQ index erasing the gains from yesterday.

The Dow industrial average fell sharply but declines were less vs. the gains yesterday.

• The S&P 500 closed at the lowest level since November 2020.
• Two Dow stocks were higher: Travelers and Visa
• Apple shares of fell around $-7.29 or -4.84% and is closing below its 100 week moving average at $146.01. The closing level is at $142.52. Bank of America downgraded the stock to neutral from buy
• Major averages are negative on the week heading into the final day tomorrow
• NASDAQ lower for the 1st time in 3 trading days

The final numbers are showing:

• Dow industrial average fell -456.17 points at -1.54% at 29227.58. The index fell rose 1.88% yesterday
• S&P index fell -78.33 points or -2.11% at 3640.69. Yesterday the index rose 1.9%
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index fell -314.12 points or -2.84% at 10737.52. Yesterday the index rose 2.05%
• Russell 2000 fell -40.31 points or -2.35% at 1674.93. The index rose by 3.17% yesterday

Micron (and Nike) is reporting quarterly results after the bell. The chip sector has been smashed as concerns about growth weighs on all the chip makers including some of the darlings like Nvidia (-58.28%) and AMD (-50.23%). Micron shares are down -46.21%

Earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term update:

Micron:

• Earnings-per-share $1.45 vs. $1.30 expected.
• Revenues of $6.64 billion
• revenue guidance $4.0B to $4.5 billion vs. expected $6.02 billion
• EPS guidance -$0.06 to $0.14 (expected +$0.72
• Shares are lower by -1.5% in after-hours trading as forward guidance weighs on the stock

Nike:

• revenues $12.69 billion vs. $12.27 billion
• earnings-per-share $0.93 vs. $0.92 expected