Tech Giants Fall in Late Hours on Micron’s Outlook: Markets Wrap
- Micron sinks after forecast fails to meet lofty expectations
- Big banks sail through stress test in harbinger for payouts
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Big tech got hit in late US trading after Micron Technology Inc.’s outlook failed to meet the lofty expectations for the industry that has powered the bull market in stocks.
A $285 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) slipped after the maker of computer memory chips projected sales that trailed the estimates of some investors. Micron slumped in late hours, dragging down some chipmakers including giant Nvidia Corp. Also after Wall Street’s close, the Federal Reserve said the biggest US banks passed the annual stress test, paving the way for higher shareholder payouts.