Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average (^DJI) set a record closing high for the second day in a row to end the week.
- The S&P 500 (^GSPC) also traded at a record high before pulling back to close modestly lower.
- Micron Technology Inc. (MU) - Get Report fell 3% after the memory chipmaker issued a weaker-than-expected forecast.
Wall Street Overview
The Dow Jones Industrial Average (^DJI) ended at a second record closing high in as many days, while and S&P 500 (^GSPC) pulled back from a fresh intraday record to end modestly lower on Friday, Sept. 21.
The Dow ended up 79.12, or 0.3% at 26,736.10. Earlier, it set a record intraday high of 26,769.16. The S&P 500 (^GSPC) slipped 0.04% after earlier hitting a record high 2,940.91. The Nasdaq (^IXIC) fell 0.5%.
Friday also is a quadruple witching day when futures and options on indexes and individual stocks expire, often leading to increased volatility.
The record closing highs on Thursday, Sept. 20, for the Dow, the index's first since January, and the S&P 500 came amid improved global risk sentiment and a lull in the U.S.-China trade war. The highs were achieved ahead of next week's Federal Reserve meeting where central bankers are expected to hike interest rates for the third time in 2018.
On its earnings call Thursday, Micron guided for first-quarter revenue of $7.9 billion to $8.3 billion and earnings of $2.88 to $3.02 a share, below consensus estimates that called for revenue of $8.45 billion billion and profit of $3.08.
The company also said President Trump's decision to apply tariffs on certain China-made imports would trim its quarterly margins.
- Micron Shares Slide After Chipmaker Warns Trump Tariffs Will Hit Margins
- Micron Slumps After Issuing Light Guidance: 7 Key Takeaways
- Technically Speaking: The Outlook for Micron, AMD, Nvidia and Other Chip and Chip Equipment Stocks
Adobe Systems Inc. (ADBE) - Get Report fell 2% after it reached an agreement to buy cloud-based marketing software company Marketo from private-equity firm Vista Equity Partners Management LLC for $4.75 billion.
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Liam O'Connor, vice president of global supply management, has resigned from the electric vehicle maker, people familiar with the matter told Bloomberg. He is at least the fifth senior executive to be leaving the company within the span of a few weeks, according to Bloomberg. The stock ended up 0.2%.
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