Micron Drops 4%, Dragging Nasdaq 0.3% Lower as CXMT Advances New Chip Structure
Updated
Updated · CNBC · Oct 11
Micron Drops 4%, Dragging Nasdaq 0.3% Lower as CXMT Advances New Chip Structure
2 articles · Updated · CNBC · Oct 11
Summary
Micron sank 4%, making it the main drag on the Nasdaq, which slipped 0.3% while the S&P 500 was off 0.1%.
CXMT pressure drove the move after investors assessed the Chinese memory-chip maker's reported progress on a new chip structure.
The Dow rose 222 points, or 0.4%, helped by a 2% gain in Salesforce after Bank of America issued a double upgrade.
Oil added to the market's caution: WTI climbed 2% to about $93 and Brent rose 2% to $106 as Russia-Ukraine ceasefire doubts and Yemen tensions lifted crude.
Investors are now looking to a heavy week of catalysts, with major bank earnings due and September CPI and PPI data expected Wednesday and Thursday.