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Stock Market Today


STOCK MARKET TODAY: S&P, NASDAQ EXTEND LOSING STREAKS ON MICRON DEMAND WOES


MICRON TECHNOLOGY (MU) BECAME THE LATEST CHIPMAKER TO WARN OF A CHALLENGING
MARKET ENVIRONMENT.

by: Karee Venema
August 9, 2022
August 9, 2022

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The latest batch of corporate earnings updates sparked a selloff in stocks on
Tuesday, with the tech-heavy Nasdaq leading the path lower. 

Travel stocks were hit particularly hard after Norwegian Cruise Lines (NCLH)
reported its second-quarter results. For the three-month period, the cruise
operator brought in revenue of $1.2 billion and recorded a per-share loss of
$1.14, missing analysts' consensus estimates. And in the company's earnings
call, CEO Frank Del Rio said that bookings in the second half remain below the
"extraordinarily strong" levels they were at in 2019. This sparked a 10.6% drop
in NCLH stock to a point not much above its pandemic lows. Other travel-related
names like Royal Caribbean Cruises (RCL, -5.6%) and American Airlines (AAL,
-2.7%) fell as well.

 * 10 Metaverse Stocks for the Future of Technology

Meanwhile, Micron Technology (MU, -3.7%) followed in the footsteps of fellow
chipmaker Nvidia (NVDA, -4.0%), whose revenue warning on Monday put pressure on
tech stocks. This morning, MU said it anticipates challenging market conditions
to last through its next fiscal year, sparked by lower demand for its memory
chips.

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"[The] memory industry, including Micron, is in the midst of a meaningful
inventory correction by customers," says Susquehanna Financial Group analyst
Mehdi Hosseini – who adds that the issue will likely not be resolved until at
least mid-2023. Other semiconductor stocks closed lower on the news, including
Advanced Micro Devices (AMD, -4.5%) and Applied Materials (AMAT, -7.6%).

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Against this backdrop, the tech-heavy Nasdaq Composite slid 1.2% to 12,493 –
marking its third straight loss – while the S&P 500 Index shed 0.4% to 4,122,
its fourth consecutive decline. The Dow Jones Industrial Average gave back 0.2%
to 32,774.

YCharts

Other news in the stock market today:

 * The small-cap Russell 2000 shed 1.5% to 1,912.
 * U.S. crude futures slipped 0.3% to $90.50 per barrel.
 * Gold futures gained 0.4% to finish at $1,812.30 an ounce.
 * Bitcoin fell 3.6% to $23,064.60. (Bitcoin trades 24 hours a day; prices
   reported here are as of 4 p.m.)
 * Novavax (NVAX) plunged 29.6% after the vaccine maker reported a per-share
   loss of $6.53 in its second quarter on revenue of $185.9 million. Analysts,
   on average, were expecting earnings of $5.54 per share on $1.0 billion in
   revenue. The company also slashed its full-year revenue forecast to a range
   of $2 billion to $3 billion (down from previous guidance for revenue of $4
   billion to $5 billion), "to account for several evolving market dynamics,"
   NVAX executives said.
 * Signet Jewelers (SIG) plunged 11.7% after the jewelry retailer cut its
   second-quarter and full-year financial forecasts, citing a slowdown in
   consumer spending in July. SIG also said it is acquiring online jewelry
   retailer Blue Nile for $360 million in cash.


AMERICA'S MOST EXPENSIVE CITIES

Tomorrow we'll get the latest update on inflation, with the consumer price index
(CPI) slated for release at 8:30 a.m. Eastern time. "Investors are laser-focused
on Wednesday's CPI data, as they hunt for signs of U.S. inflation levels,
whether those levels have peaked and, ultimately, how the latest figures will
impact the Fed's immediate and medium-term rate policy decisions," says Greg
Bassuk, CEO at asset management firm AXS Investments. 

 * 12 Cheapest Small Towns in America

June's CPI report showed inflation had not yet peaked, with significant price
increases seen in food (+10.4% year-over year), energy (+41.6% YoY) and shelter
(+ 5.6% YoY). And while it's possible that July's data could show moderation in
cost increases – particularly given the recent drop in oil – higher prices
remain a hot topic. 


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With that in mind, we decided to take a closer look at the most expensive U.S.
cities. Whether it be gas prices, housing costs or groceries, this list is made
up of the priciest American cities to call home.

 * Biden's Inflation Reduction Act: Investing Winners and Losers

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 * American Airlines (AAL)
 * Applied Materials (AMAT)
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