Today’s Market Movers: Chips Slide, Nike Stumbles, and One Energy Stock Just Jumped 8%

TLDR

• Chip stocks including Micron, Intel, Nvidia, and AMD fell in premarket trading Wednesday after recent gains
• Nike dropped 3% despite beating earnings estimates, with revenue down 1% and a cautious outlook ahead
• Alcoa fell 4% after agreeing to buy South32’s aluminum assets for $4.1 billion
• Software stocks bucked the trend, with ServiceNow up 5%, Salesforce up 3.4%, and Oracle up 1.7%
• Bloom Energy surged 8% after expanding its Brookfield partnership to $25 billion for AI power projects

Stocks drifted lower Wednesday morning as Wall Street kicked off the second half of the trading year. Technology shares led the declines, with chip stocks pulling back after a strong run.

Chip Stocks Pull Back After Rally

Micron fell more than 3% in premarket trading. Intel, Nvidia, and Marvell also dropped.

Micron Technology, Inc., MU

Advanced Micro Devices fell 1.5% after surging 7.7% the day before to close at a record high. Its market cap had reached $947 billion on Tuesday.

The chip pullback came as investors digested recent gains and awaited comments from newly confirmed Federal Reserve Chair Kevin Warsh at a central banking summit.

Nike Falls Despite Earnings Beat

Nike shares fell 3% after reporting fiscal fourth-quarter results late Tuesday. The company beat both earnings and revenue estimates, but expectations were already low going in.

Earnings came in at 72 cents per share. That number included a 52-cent benefit tied to expected recovery of import tariffs, which made the headline figure less clear-cut.

Revenue fell 1% year over year to $11 billion. Greater China revenue beat estimates but still dropped 12% compared to the same period last year.

Nike said it expects first-quarter revenue to fall in the low-to-mid single digits. Chief Executive Elliott Hill said the company is focused on its turnaround plan.

Software and Other Movers

While chips fell, software stocks gained. ServiceNow rose around 5%, Salesforce climbed 3.4%, and Oracle edged 1.7% higher. This pattern has repeated itself several times this year.

Bloom Energy jumped 8% after the company expanded its partnership with Brookfield Asset Management. The funding commitment for AI infrastructure power projects grew from $5 billion to $25 billion, supported by Brookfield’s $100 billion AI Infrastructure Fund.

Alcoa dropped more than 4% after agreeing to acquire aluminum, bauxite, and alumina assets from Australia’s South32 for $4.1 billion. South32 shares rose 9.7% in Sydney trading.

Kroger fell 3% after announcing a $1.65 billion deal to buy grocery chain Giant Eagle. The acquisition covers 197 supermarkets and 11 pharmacies across Midwest markets.

Agricultural sciences company FMC rose 6.4% after Belgian group Tessenderlo agreed to make a $400 million minority equity investment.

Papa John’s slipped 4% after naming Chris Collins as interim CFO, replacing Ravi Thanawala, who is leaving to take a CFO role at another public company.

Markets are also watching indirect talks between Washington and Tehran being held through mediators in Doha.

The post Today’s Market Movers: Chips Slide, Nike Stumbles, and One Energy Stock Just Jumped 8% appeared first on CoinCentral.