Major U.S. indexes closed lower, with the Dow Jones Industrial Average dropping 1.6% to 46,225.15, the S&P 500 slipping 1.36% to 6,624.70, and the Nasdaq falling 1.46% to 22,152.42.
The Federal Reserve maintained interest rates at 3.50%–3.75% for the third consecutive meeting. Despite the unchanged rates, the Fed’s outlook suggested higher inflation and slightly increased economic growth in the future. The market’s reaction was muted, with the S&P 500 and Nasdaq indices showing little movement. Investors are keeping a close eye on Fed Chair Jerome Powell’s upcoming remarks, particularly in light of recent oil price spikes.
These are the top stocks that gained the attention of retail traders and investors through the day:
Micron Technology Inc. (NASDAQ:MU)
Micron Technology’s stock closed with a slight increase of 0.01%, settling at $461.73. The stock reached an intraday high of $471.34 and a low of $458.30, with a 52-week range between $61.54 and $471.34. In the after-hours trading, the stock fell 4.43% to $441.28.
The semiconductor giant reported impressive second-quarter results, with revenue soaring to $23.86 billion, surpassing analyst expectations of $19.94 billion. The company’s adjusted earnings of $12.20 per share also exceeded forecasts. Micron’s strong performance reflects a 196% year-over-year revenue growth, with operating cash flow reaching $11.90 billion.
Micron Technology forecast third-quarter revenue of $33.5 billion (±$750 million) and adjusted EPS of $19.15 (±$0.40), …
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