European stock markets saw a slight decline on Thursday, with Wall Street also expected to open lower based on futures. However, rates opened with a small rise. Among the main indices, the S&P 500 and Nasdaq were up 0.1 percent, while the Dow Jones was down 0.1 percent. Companies like Nvidia, Tesla, and Micron saw fluctuations in their stock prices.
Micron, a memory chip manufacturer, saw a moderate rise in its stock price despite slightly better-than-expected results in the previous quarter. The company’s guidance for the next quarter’s turnover was weaker than expected due to increased demand for memory chips due to artificial intelligence developments and production scaling being a challenge.
Walgreens Boots Alliance experienced a 24 percent drop in its stock market value due to weaker consumer demand than anticipated. Levi Strauss, a clothing company known for its jeans, also saw a 16 percent drop in its stock price after falling short of analyst revenue forecasts.
In the United States, new unemployment compensation applications missed expectations slightly while durable goods orders and wholesale stocks grew more than expected. The final GDP figures for the first quarter were revised slightly upwards as well. Tomorrow, the PCE deflator numbers will be released – alternative inflation figures closely monitored by the Fed that provide insight into inflationary pressures in the economy.
Overall, economic indicators suggest that companies are becoming more cautious about investing and financing costs as they assess spending levels more carefully amidst an uncertain job market outlook in the US.
