U.S. Stocks Open Lower; Micron and Alibaba Sink 8% After Earnings

Tiger Newspress

03/19

U.S. stocks fell on Thursday, while oil prices remained elevated as Wall Street watches for more developments in the Iran war.

The Dow Jones Industrial Average was down 315 points, or 0.7%. The S&P 500 and Nasdaq Composite slipped 1% and 1.3%, respectively.

Micron Technology warned that it will need to spend heavily on production to meet burgeoning demand, overshadowing a generally upbeat forecast from the largest US maker of computer memory chips. The shares dropped 8% in morning trading.

Alibaba on Thursday reported a 1.7% rise in third-quarter revenue that missed analysts' estimates, as heavy spending ‌on one-hour delivery and promotions during the peak shopping season did not translate into a surge in demand. The shares also dropped 8% in morning trading.

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