The US stock market closed mixed on Wednesday, with the S&P 500 slipping 0.1% and the Nasdaq Composite falling 0.4%. The Dow Jones Industrial Average gained 184 points, or about 0.4%. The main reason for the weakness in the market was a decline in technology and semiconductor stocks ahead of Micron Technology's earnings report after the market closed.
Shares of Micron Technology fell nearly 6% during trading, while memory-chip company Sandisk dropped around 5%. Both Micron and Sandisk had already fallen about 13% in the previous trading session. Other chip stocks, including Advanced Micro Devices, also moved lower.
Oil prices continued to decline for another day on Wednesday, with International benchmark Brent Crude falling about 3% to around $74 per barrel. U.S. benchmark West Texas Intermediate dropped about 3% to around $70 per barrel.
Bitcoin dropped to $59,023.98, its lowest level since October 2024. The cryptocurrency has been in a bear market for about eight months, facing pressure from several factors, including concerns over strategy, rising inflation, and a broader loss of confidence across the crypto market.
Wendy's stock surged sharply on Wednesday, jumping more than 42% after the company announced a new Chief Financial Officer and Chief Strategy Officer. However, the size of the stock rally suggested that retail investor enthusiasm played a bigger role than the management appointment.
The US housing market showed signs of weakness in May, with new home sales coming in at a seasonally adjusted annual rate of 580,000 homes, 7.3% lower than the revised April figure.
