(Updates with index/price moves, macroeconomic data, and company news from the first paragraph.)
US equity indexes traded mixed after Micron Technology's (MU) strong results failed to boost technology and as inflation remained elevated.
The Nasdaq Composite fell 0.1% to 25,445.9, while the S&P 500 rose 0.4% to 7,385.1 and the Dow Jones Industrial Average was up 0.8% to 52,266.4 after midday Thursday. Communication services and consumer discretionary led the decliners, while the industrials sector was the standout gainer.
In company news, Micron Technology (MU) shares rose nearly 16%, among the top gainers on the S&P 500 and the Nasdaq, after the company reported fiscal Q3 adjusted earnings and revenue that topped estimates, with Q4 guidance also beating consensus. Shares jumped as high as 19% earlier in the session.
In economic news, annual inflation accelerated to 4.1% in May, the fastest print since April 2023, matching consensus, based on the personal consumption expenditures, or PCE, price index data from the Bureau of Economic Analysis. It follows a 3.8% gain in April.
Core PCE inflation, which strips out food and energy, accelerated to 3.4% from a year ago, as expected, from 3.3% in April. That's the highest reading since October 2023.
"PCE price inflation remains too high and will keep the [Federal Reserve] on hold and mulling a potential rate hike at upcoming meetings," Scott Anderson, chief US economist at BMO, said. "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."
In energy markets, the front-month global benchmark North Sea Brent rose 1.3% to $74.67 per barrel, and the US West Texas Intermediate climbed 1.6% to $71.44 per barrel.