Stock Market Today: S&P 500 ekes out win as Micron slump weighs; inflation eyed

Investing.com-- The S&P 500 eked out a gain Thursday as investors weighed up a slump in chipmaker Micron and gains in consumer stocks just a day of key inflation data.

At 16:00 ET (20:00 GMT), Dow Jones Industrial Average rose 36 points, or 0.1%, while S&P 500 added 0.1% and NASDAQ Composite rose 0.30%. 

Micron slides on lackluster guidance, other chipmakers follow 

Micron Technology (NASDAQ:MU) reported better-than-expected quarterly results, but that was overshadowed by in-line revenue guidance that disappointed investors who were expecting more, especially given that Micron more than doubled in value over the past year. Its stock fell over 7%. 

Other chipmaking stocks also retreated including market darling Nvidia (NASDAQ:NVDA),  Broadcom (NASDAQ:AVGO).

Casino stocks push consumer sector higher

Consumer stocks supported the broader market, underpinned by a jump in casino stocks including MGM Resorts International (NYSE:MGM) and Caesars Entertainment Corporation (NASDAQ:CZR) after the Nevada Gaming Control Board  reported gaming win rose 2.5% in the 12 months through May to $1.32B, while Las Vegas Strip casinos reported a 3.7% increase in gaming win in May.  

Economic data and Presidential debate in focus 

Still, losses are small as investors appear to be in something of a holding pattern ahead of key U.S. inflation data and the upcoming Presidential debate.

New orders for key U.S.-manufactured capital goods unexpectedly fell in May, suggesting that business spending on equipment weakened in the second quarter as borrowing costs remain elevated.

However, first-time applications for U.S. unemployment benefits drifted lower last week, which could allay fears of a signification deterioration in the labor market.

However, most eyes will be on Friday's PCE price index, as this is widely regarded as the Federal Reserve’s preferred inflation gauge.

Markets were also on edge before the first Presidential debate of the year later Thursday, between Democrat and Republican candidates, Joe Biden and Donald Trump.

Levi Strauss, Walgreens Boots slump; Nike earnings eyed

Walgreens Boots Alliance (NASDAQ:WBA) stock fell 22% after the pharmacy chain cut its fiscal 2024 guidance due to a worse-than-expected retail environment and announced it would close more stores as part of a strategic review.

Levi Strauss (NYSE:LEVI) stock slumped 15% after the jeans manufacturer reported a miss in its fiscal second-quarter revenue, hit by sluggish demand at Docker’s, its khaki and chinos brand.

McCormick (NYSE:MKC) stock rose 4% after the spice maker beat market expectations for second-quarter profit and sales, led by strong demand for its spices and seasonings in Europe, Middle East and Africa.

International Paper (NYSE:IP) stock fell 7% after Bloomberg reported that Suzano is no longer pursuing a takeout of the paper and packing group, with the Brazilian pulp giant said to have reached its maximum price.

Nike (NYSE:NKE) is due to release its latest earnings after the close.

(Peter Nurse, Ambar Warrick contributed to this article.)