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The three major US indexes couldn’t agree on a direction Wednesday. The Dow Jones Industrial Average eked out a 0.14% gain to close at 51,920.62, the S&P 500 finished essentially flat with a 0.01% decline at 7,357.49, and the Nasdaq Composite dropped 0.46% to 25,358.60.
The culprit behind the split: semiconductor stocks surged on the back of Micron Technology’s earnings report, but mega-cap tech names like Apple and Nvidia had a rough day, and their sheer weight dragged the broader indexes down.
Micron’s monster quarter vs. mega-cap pain
Micron Technology delivered fiscal Q3 revenue of $41.46 billion, blowing past analyst expectations of roughly $35.8 billion. The company’s adjusted earnings per share came in at $25.11, also beating estimates. Investors rewarded the memory chipmaker with an approximately 15% stock price surge in a single session.
The company raised its Q4 revenue guidance to around $50 billion, signaling that AI-related demand for memory chips isn’t slowing down anytime soon.
That semiconductor enthusiasm couldn’t carry the rest of tech. Apple shares fell roughly 6%. Nvidia slipped about 2%. When two of the market’s heaviest stocks move in the wrong direction, index math gets unforgiving fast.
What happened with Bitcoin and crypto
Bitcoin traded in the $59,000 to $61,000 range throughout Wednesday’s session, inching higher after initial declines earlier in the day.
MicroStrategy (MSTR) shares declined approximately 9%, a notably sharper drop than Bitcoin itself experienced.
For Bitcoin specifically, the $59,000 to $61,000 range has become something of a holding pattern. MicroStrategy’s 9% decline is worth watching separately. When MSTR falls significantly harder than Bitcoin, it can signal that equity investors are repricing the premium they’re willing to pay for leveraged Bitcoin exposure.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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