Wall Street turned in another mixed performance Thursday as blockbuster results from Micron Technology failed to lift the broader technology sector.

The Dow Jones Industrial Average rose 71.72 points, or 0.14%, to 51920.62. The S&P 500 edged down 0.73 point, or 0.01%, to 7357.49, while the Nasdaq Composite fell 118.03 points, or 0.46%, to 23358.60. According to preliminary data, there were 1522 advancing issues and 1199 declining issues on the NYSE.

Micron said revenue quadrupled in the second quarter and the company forecast current-quarter sales ahead of Wall Street expectations. Executives said the chip shortage is expected to extend beyond 2027 and disclosed 16 long-term supply deals with customers. Micron shares surged 16%. Sandisk climbed 22%, while Qualcomm and Western Digital also rose.

Soaring costs for memory and storage chips forced Apple to raise prices on its Macs and iPads. Apple shares fell 6.1%.

Crude oil futures settled higher after reports of an Iranian attack on a cargo ship in the Strait of Hormuz raised concerns about how smooth the reopening of the waterway will be. WTI settled up 2.2%, at $71.92 a barrel.

Though oil prices are near prewar levels, their run-up in recent months showed in Thursday morning's inflation data. The personal-consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 4.1% from a year earlier in May. Inflation has been driven higher by energy costs from the Iran war and, more recently, the AI buildout.

First-quarter GDP was revised up to a 2.1% annualized rate. Consumer spending growth was revised lower to 0.5%, the weakest pace in four years. Bank of America now expects the Fed to raise rates three times this year, an outlier forecast but one that reflects a broader shift in Wall Street's expectations after Fed Chairman Kevin Warsh struck a hawkish tone at his first meeting last week.

JPMorgan named Doug Petno and Troy Rohrbaugh as co-presidents Thursday, shaking up the long-running succession race to replace Chief Executive Jamie Dimon. Longtime candidate Marianne Lake announced her retirement.

The moves came a day after the Federal Reserve released its annual bank stress test results. The report showed big banks were well-equipped to weather a severe economic downturn, with capital declining only 1.6% in aggregate, the smallest reduction in seven years. JPMorgan said it would repurchase $50 billion in shares, while Morgan Stanley announced $20 billion in buybacks. The KBW Bank Index rose about 1%.

Wendy's shares lost 6.7% after surging 26% Wednesday, as what appeared to be a short squeeze gripped the fast-food chain's stock before reversing.

Bayer AG rose more than 17% after the Supreme Court ruled in the company's favor in its fight against claims that its Roundup weedkiller causes cancer. The court said the company cannot be held liable under state law for failing to warn consumers about the alleged risk when the Environmental Protection Agency had not required such a label. The ruling could pave the way for the dismissal of thousands of cases against Bayer.

Bitcoin fell below around 2.5%, with Strategy, the bitcoin-hoarding company formerly known as MicroStrategy, sliding 9.3%.

Yields on U.S. Treasury bonds fell. The 10-year yield slipped 0.008 percentage point, to 4.391%. The U.S. dollar weakened slightly as the greenback fell against most of the major currencies, while holding its ground against the yen. Gold gained 1.01%, to $4030.50 per troy ounce.

Looking ahead, the University of Michigan will release its final survey of consumer sentiment for June on Friday.

Write to Anvee Bhutani at anvee.bhutani@wsj.com

(END) Dow Jones Newswires

June 25, 2026 16:44 ET (20:44 GMT)

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