SPDR S&P 500 ETF Down 0.1% After 6% Apple, 3.5% Microsoft Declines
SPY•SPDR S&P 500 ETF fell 0.1% after the S&P 500 closed flat, with Apple down 6% and Microsoft off 3.5% while Micron surged 16% driving a 0.8% Nasdaq 100 gain. VanEck Semiconductor ETF rose 2.8%, and retail sentiment turned bearish on SPDR S&P 500 ETF.
1. Index Performance
The S&P 500 closed flat at 7,357.49 as the Nasdaq 100 jumped 0.8% to 29,440.32 and the Dow Jones Industrial Average edged up 0.1% to 51,920.62. The small-cap Russell 2000 also gained 0.1%.
2. Tech Sector Drivers
Micron Technologies shares surged 16% after beating Q3 estimates and issuing a strong outlook, offset by a 6% drop in Apple and a 3.5% decline in Microsoft on announced product price hikes. Qualcomm stock also climbed on a forecast of over $15 billion in annual AI component sales by FY29.
3. ETF Movements
Among major ETFs, SPDR S&P 500 ETF slipped 0.1%, Invesco QQQ Trust fell 0.4% and SPDR Dow Jones Industrial Average ETF rose 0.1%, while the VanEck Semiconductor ETF jumped 2.8%.
4. Sentiment and Economic Backdrop
Retail sentiment for SPDR S&P 500 ETF turned bearish even as consumer spending improved in May and first-quarter GDP growth reached 2.1%, reflecting investor caution over technology price pressures.
