Overview
- Major U.S. indexes closed lower, with the Dow down 1.6%, the S&P 500 off 1.36% and the Nasdaq lower by 1.46% as geopolitical risks, rising producer prices and a stronger dollar pressured sentiment.
- Micron forecast third-quarter revenue and adjusted EPS far above Wall Street estimates and raised its quarterly dividend 30% to $0.15 per share, yet the stock slipped about 4% in after-hours trading.
- Cloudflare jumped 6.6% after The Information reported that Coinbase and Zerohash are competing to launch a Cloudflare-linked stablecoin expected later this year, a development not confirmed by the companies.
- Comcast fell roughly 5% after saying it partnered with Nvidia to test real-time AI workloads at the network edge using distributed infrastructure for low-latency applications.
- Carvana dropped about 7.5% as higher financing costs for its customers weighed on sentiment, while Barrick lost roughly 5.5% as weaker gold prices under a stronger dollar pressured miners.