The S&P 500 Index ($SPX) (SPY) today is down -0.18%, the Dow Jones Industrial Average ($DOWI) (DIA) is up +0.49%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.20%. September E-mini S&P futures (ESU26) are down -0.30%, and September E-mini Nasdaq futures (NQU26) are down -0.32%.
Stock indexes erased early gains today and are trading mixed as the weakness in the Magnificent Seven technology stocks is weighing on the broader market. Stocks initially moved higher today, led by strength in chipmakers, after Micron Technology’s blowout forecast reaffirmed the bull case for the artificial intelligence trade. Micron is up more than +9% after forecasting Q4 revenue of $50 billion, well above the consensus of $43.24 billion. Also, Qualcomm is up by more than 3% after forecasting annual sales of more than $15 billion from artificial intelligence components for data centers by fiscal 2029.
