The Wall Street indices remain on edge today with Dow Jones Industrial Average touching a record high on positive global cues and the Nasdaq Composite falling sharply over 1% after opening in the green.
The index traded 0.32% lower at 25,402.48 as of 10:11 a.m EST as Micron Technology's earning's powered rally died down. Besides this, key players like Apple Inc. and Nvidia Corp weighed on the tech-heavy Nasdaq.
Shares of Apple Inc. fell over 5% after the John Ternus led company hiked prices for its flagship iPad, iMac and home devices earlier in the day.
Nvidia Corp. fell over 3% to an intraday low of $192.13, as reports citing analysts indicated that the stock might be bottoming out.
Nvidia's rout dragged down other major semi-conductors like Advanced Micro Devices Inc. and Intel Corp. which had initially started the trade session on a bullish note.
AMD fell over 7% from its day's high of $550 to $507 within one hour of the opening bell, meanwhile Intel declined as much 2% to a low of $125.41
Micron's Bullish Forecast & Blockbuster Q3
Wall Street's chip darling posted one of the strongest earnings on the block with revenue quadrupling to $41.46 billion from $9.3 billion a year earlier, comfortably beating Wall Street estimates.
Aside from exceeding street expectations of a $36 billion topline, the company has forecasted a $50 billion for the current quarter, an increase from $11.3 billion in the year-ago period.
Adjusted earnings came in at $25.11 per share, well ahead of analysts' expectations of $20.78 per share.
The financial performance had initially rippled through to AMD, Intel and Sandisk, but only a few could continue riding on highs after a split in the tech world.
MU's scrip traded 11.33% higher at $1,165.77 while Sandisk was up over 13% at $2,163.58. Qualcomm Inc's scrip also sustained its positive momentum and traded over 4% higher at $205.97.
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