New York Stock Exchange closes mixed

The New York Stock Exchange ended the day with mixed results amid a sell-off in tech giants’ stocks.

The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to close at 51,920.62.

The S&P 500 fell 0.73% or 0.01 points to 7,357.49, while the tech-heavy Nasdaq Composite lost 0.46% or 118.03 points to end the session at 25,358.60.

The Volatility Index (VIX), often referred to as the market’s “fear index,” climbed 1.4% to 18.89.

As investors assessed the released macroeconomic data, the stock market saw mixed trading due to losses in the shares of some major technology companies.

Micron Technology’s shares rose nearly 16% after the company reported stronger-than-expected earnings and revenue in its financial results released following yesterday’s market close.

Qualcomm’s shares also rose by about 4% after the company revised upward its revenue forecast for non-mobile segments for fiscal year 2029.

Meanwhile, Apple’s shares fell by more than 6% after the company raised prices on products such as the iPad and MacBook, citing rapidly rising chip prices.

Microsoft’s shares also closed the day down 3.5% after the company announced it would raise prices on Xbox game consoles due to rising costs of storage and memory components.

Shares of other US tech giants—including Nvidia, Alphabet, Amazon, SpaceX, and Meta—also fell by as much as 3%.-

On the macroeconomic data front, the US economy grew by 2.1% in the first quarter of this year, exceeding forecasts.

Meanwhile, the personal consumption expenditures price index in the US rose by 0.4% on a monthly basis in May, falling short of expectations.

On an annual basis, however, the index rose by 4.1%, marking its highest increase since April 2023.

The core personal consumption expenditures price index—which excludes food and energy and is used by the Fed as an inflation gauge—also rose in line with expectations, up 0.3% on a monthly basis and 3.4% on an annual basis in May.

However, the annual increase in the index reached its highest level since October 2023.

The number of people filing initial claims for unemployment benefits also fell by 12,000 to 215,000 in the week ending June 20, coming in below market expectations.

Durable goods orders in the US declined by 4.5% in May, a smaller drop than expected.

European markets

European stocks saw a positive course, with the pan-European Stoxx Europe 600 index rising 0.8% to close at 640.21 points.

The UK’s FTSE 100 added 0.65% to 10,529.89, Germany’s DAX 40 gained 1.03% to 24,994.83, and France’s CAC 40 earned 0.55% to 8,431.61 points.

Italy’s FTSE MIB 30 went up by 0.28% to 51,782.91, whil Spain's IBEX 35 rose 0.64% to close midweek at 19,513.60.