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 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 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