Stock Market Today, June 10: Super Micro Computer, Nvidia, Micron Fall as Risk-Off Mood Intensifies
The Motley Fool • • general
Key Points:
- The S&P 500 dropped 1.62% to 7,266.99, the Nasdaq Composite fell 1.98% to 25,169.50, and the Dow Jones declined 1.87% to 49,918.78 amid concerns over May inflation data and rising Middle East tensions.
- AI-related stocks led the decline, with Super Micro Computer plummeting over 27% following a $7 billion equity raise announcement, while Nvidia and Micron Technology also fell; Apple was a rare tech gainer.
- Retailers Walmart and Costco Wholesale gained as investors rotated out of tech stocks, and Cracker Barrel Old Country Store surged 23% on strong earnings.
- Persistent inflation, with the Consumer Price Index at 4.2% in May, and elevated energy costs—WTI crude rose over 2.5% to above $90 per barrel—have increased market uncertainty and the likelihood of further Federal Reserve rate hikes.
- Rising Treasury yields near 4.55% and escalating geopolitical tensions in the Gulf are fueling fears that oil supply disruptions may prolong inflationary pressures.