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Markets · Investing · Business
Finance
Micron Soars, Apple Sinks, and the Indexes Tread Water
Micron's blowout earnings sent its stock soaring and Apple's tumbling. The result? A market that went nowhere fast.
Micron Technology(NASDAQ: MU) had a very good day on Thursday. Apple(NASDAQ: AAPL) did not. Those two facts may sound unrelated, but one move inspired the other quite directly. And they pulled the major market indexes in opposite directions today.
Micron surged 16% on Thursday after reporting blowout earnings, but the memory chipmaker's gain came at a cost for many other tech stocks. Micron soared on rising memory prices due to limited supply and massive demand, forcing Apple to raise prices on its MacBooks and iPads. As a result of this push/pull dynamic, the stock market moved sideways despite dramatic action underneath the surface.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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