On Wednesday, the S&P 500 Index closed down 0.10%, the Dow Jones Industrial Average rose 0.35%, and the Nasdaq 100 fell 0.43%. The market faced challenges as chipmakers declined ahead of Micron Technology’s earnings, which will assess the impact of artificial intelligence infrastructure growth. Notably, Micron’s stock has surged over 260% this year.
WTI crude oil dropped more than 3%, hitting a 3.5-month low, contributing to a decline in inflation expectations and resulting in the 10-year T-note yield falling to 4.40%. Economic data revealed that May new home sales unexpectedly dropped 7.3% to 580,000, below expectations of 640,000. The April current account deficit increased to $225.8 billion, exceeding the anticipated $208.9 billion.
Internationally, South Korea’s Kospi rose over 3% following SK Hynix’s plan to raise $29 billion for new chip-making capacity. The Euro Stoxx 50 fell by 0.39%, while Japan’s Nikkei-225 decreased 0.88% to a one-week low.
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