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Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes

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Update: Nasdaq Extends Losing Streak; Apple Plunges After Price Hikes

(Updates with market moves at the end of the day.)

The Nasdaq Composite extended its losing streak to a fourth session on Thursday as a sell-off in Apple (AAPL) shares soured sentiment on Wall Street.

The Nasdaq fell 0.5% to 25,358.6, while the S&P 500 ended just below the flatline at 7,357.5. The Dow Jones Industrial Average rose 0.1% to 51,920.9.

Among sectors, consumer discretionary saw the steepest decline, while industrials paced the gainers.

Apple shares slumped 6.1%, the biggest drop on the S&P 500 and the Dow. The tech giant increased iPad and MacBook prices amid surging memory and storage chip costs.

Wedbush Securities said Apple is unlikely to lose customers as a result of the price hikes.

Microsoft (MSFT) followed Apple on the Dow, shedding 3.5%. Microsoft announced price increases for the Xbox 512 gigabyte console and the Xbox 1 terabyte model, effective Aug. 1.

Micron shares jumped nearly 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.

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 fell 0.3%.

US Treasury yields were mixed, with the two-year rate down 2.5 basis points at 4.13%, while the 10-year rate was little changed at 4.40%.

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.

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

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.

"For the Fed, still nominally elevated inflation remains unfavorable to say the least and clearly justifies a higher policy target," Stifel said in report e-mailed to. "However, with a still solid pace of activity thanks to a resilient consumer and stable labor market conditions, any expectation of a temporary, or 'transitory', impact can quickly derail a hawkish conviction at the Fed to reverse course and simply reinforces the (Federal Open Market) Committee's position on the sidelines."

West Texas Intermediate crude oil was up 2.4% at $72.03 a barrel in Thursday late-afternoon trade, while Brent rose 2.2% to $75.39.

Gold was last up 0.8% at $4,041.40 per troy ounce, while silver fell 0.3% to $57.90 per ounce.

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