Micron Stock Declines Amid Job Growth Report
Micron Technology (NASDAQ: MU) saw its stock price drop by 5.3% on Friday, with shares trading at 10:45 a.m. ET amidst a broader market decline. The S&P 500 fell by 1% and the Nasdaq Composite dropped by 2%. This decline comes as investors react to the Bureau of Labor Statistics report, which revealed a stronger-than-expected addition of 172,000 nonfarm payroll jobs in May, surpassing economists’ forecasts of 80,000.
Investors are concerned that this positive jobs growth increases the likelihood of the Federal Reserve raising interest rates this year, which could hinder the momentum of Micron and other tech stocks. Meanwhile, Nvidia has certified Micron’s high-bandwidth-memory chips for use in its AI accelerators, although this development has not been enough to mitigate the day’s negative market sentiment.
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