Tech stocks see wild swings after Micron earnings, Apple price hikes

It was a volatile day on Wall Street after a short-lived tech rally soured and abruptly reversed. Micron's stellar earnings boosted the stock by nearly 20% and reignited the AI trade, lifting the Nasdaq 100 about 2% at Thursday's opening bell, but gains flipped just half an hour into regular trading as Apple fell on news that it would raise prices on devices amid the memory-supply crunch.

Apple officially raised prices for Macs and iPads, a move outgoing CEO Tim Cook had warned about earlier when discussing memory chip costs. At the 4:00 p.m. ET close, the S&P 500 was 7,357.50, down 0.01%; the Dow Jones Industrial Average was 51,920.62, up 0.14% (+71.72 points); and the Nasdaq 100 was 29,440.32, up 0.75%.

The premarket rally was led by several names that had plunged earlier in the week, including Micron and other memory chipmakers. Notable moves on Thursday included Sandisk +19.5%, Micron +16.3%, Western Digital +4.8%, Dell -6%, Palantir -5.4%, Apple -6.1%, Microsoft -3.5%, and Nvidia -1.6%.

United States, Wall Street

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