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Update: Equity Markets Mixed Intraday as Apple Falls, Micron Rallies

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Update: Equity Markets Mixed Intraday as Apple Falls, Micron Rallies

(Updates with latest market prices and developments.)

US benchmark equity indexes were mixed intraday amid a sell-off in Apple (AAPL) shares and a post-earnings surge in Micron Technology (MU) stock, while investors parsed a slew of economic data.

The Nasdaq Composite was down 0.5% at 25,359.4 after midday Thursday, while the Dow Jones Industrial Average rose 0.4% to 52,036.4. The S&P 500 was little changed at 7,360.5. Among sectors, consumer discretionary and communication services saw the steepest declines, while industrials paced the gainers.

Apple shares were down 5.3%, the biggest drop on the Dow and among the worst on the S&P 500. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs, news outlets reported.

Micron shares jumped 16%, the third-biggest gainer on the S&P 500. Late Wednesday, the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.

The results show "the memory and chip trade is well-intact and still in the early stages of playing out with the (artificial intelligence) revolution still in the (third) inning," Wedbush Securities said in a client note. "We are seeing no cracks in AI demand on the chips/hardware or software front which gives us a bright green light to own the core tech winners into year-end."

Darden Restaurants (DRI) issued a full-year earnings outlook below market estimates Thursday, while the restaurant operator's fiscal fourth-quarter sales fell short of expectations. Shares of the Olive Garden and LongHorn Steakhouse parent were down 1.7% intraday.

US Treasury yields were lower, with the two-year rate down 2.8 basis points at 4.11% and the 10-year rate falling 1.6 basis points to 4.38%.

In economic news, US consumer spending rose more than projected in May, while the Federal Reserve's preferred inflation metric accelerated to the fastest reading in more than two years, government data showed.

"(Personal consumption expenditure) price inflation remains too high and will keep the Fed on hold and mulling a potential rate hike at upcoming meetings," BMO said in a note. "On the bright side, a lot of the goods price inflation seemed to be driven by the energy complex, so as energy prices drop this source of inflation pressure should fade."

US real gross domestic product increased at a 2.1% annualized rate in the first quarter, up from 1.6% growth reported in the second estimate, according to latest official data released Thursday.

Demand for US durable goods decreased less than estimated in May despite a plunge in civilian aircraft orders, government data showed.

West Texas Intermediate crude oil was up 1.6% at $71.46 a barrel intraday, while Brent rose 1.3% to $74.72.

Gold was up 0.9% at $4,045.50 per troy ounce, while silver rose 0.6% to $58.40 per ounce.

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