Stocks Little Changed After Weak Earnings Reports

The S&P 500 inched lower on Thursday, as declines from Nvidia and Micron Technology weighed on the broad market index.

The Dow Jones Industrials took on 64.7 points to break for lunch Thursday at 39,192.50.

The much-broader index faded 6.89 points to 5,471.01.

The NASDAQ dipped 21.55 points to 17,783.61.

Semiconductor stocks were in the red, raising questions on whether the artificial intelligence trade can continue to sustain markets in the back half of this year. Micron shares slipped more than 5% after the chipmaker issued fourth-quarter revenue guidance in line with estimates. Semiconductor giant and market bellwether Nvidia also sagged, dipping 2%.

Those moves come as traders look to the release of May’s core personal consumption expenditures price index, which is the Fed’s preferred measure of inflation. Economists polled by Dow Jones expect core PCE rose 0.1% month over month and 2.6% from the year-earlier period.

Several stocks slid after reporting quarterly earnings. Levi Strauss dropped 16% after the jeans maker’s latest quarterly revenue disappointed investors. Walgreens Boots Alliance plunged 24.2% after cutting its full-year outlook and issuing lower-than-expected earnings in the previous quarter.

Prices for the 10-year Treasury spiked, yields falling to 4.29% from Wednesday’s 4.32%. Treasury prices and yields move in opposite directions.

Oil prices jumped 58 cents at $81.48 U.S. a barrel.

Gold prices increased $23.80 to $2,337.00

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