Technology

Apple Hits $3T Again, Nike Disappoints, Micron Drops, Biden’s Internet Plan

Apple crosses $3 trillion market cap again, Nike misses earnings, Micron stock drops on Chinese ban, Biden's $42B internet plan

Natan Ponieman

July 1, 2023 2 min read

Apple Hits $3T Again, Nike Disappoints, Micron Drops, Biden’s Internet Plan

The logo of the American S&P 500 Index can be seen on the monitor of a computer in an office.The S&P 500 and other major market indexes were ending the week on a high note Friday as the second quarter and first half of 2023 drew to a close. Markets responded well to the latest news on inflation, as Friday's core Personal Consumption Expenditure price index data for May showed that inflation rose 4.6% year-over-year, below economist estimates of 4.7%.PHOTO BY SILAS STEIN/GETTY IMAGES

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On Friday, Apple (NASDAQ:AAPL) crossed the $3-trillion market cap for the second time in its history. Apple was the first U.S. company to surpass the $3-trillion mark in 2022, although it stayed at the high valuation for less than one trading session. Apple maintained the valuation Friday, closing at a $3.05-trillion market cap.

Nike (NYSE:NKE) shares fell abruptly on Thursday after hours as the company’s fourth-quarter earnings missed estimates on earning per share by 1 cent. Nike posted overall strong results with $12.82 billion in revenue, up 10% year-over-year.

Micron Technology’s (NASDAQ:MU) stock was down 3.7% on the week. The stock dropped on Thursday in spite of better-than-expected third quarter results. Investors responded negatively to comments from the chipmaker that called a Chinese ban on some of its products a “significant headwind.”

A possible strike-back from the U.S that could ban the export of some AI chips to China hit semiconductor stocks this week.

A $42-billion investment plan announced this week by the Biden administration that seeks to bring high-speed internet access to every American by 2030 was a tailwind for some internet provider stocks, including Comcast Corp (NASDAQ:CMCSA), Cisco Systems (NASDAQ:CSCO) and AT&T (NYSE:T). Some states, like Texas, will receive as much as $3.3 billion.

On Friday, Apple (NASDAQ:AAPL) crossed the $3-trillion market cap for the second time in its history. Apple was the first U.S. company to surpass the $3-trillion mark in 2022, although it stayed at the high valuation for less than one trading session. Apple maintained the valuation Friday, closing at a $3.05-trillion market ca. PHOTO BY CFOTO/GETTY IMAGES

Electric car company Lordstown Motors Corp filed for bankruptcy protection on Tuesday following a dispute with Foxconn over a proposed investment of up to $170 million. The stock, traded under the ticker RIDE, received a delisting notice from the Nasdaq on Thursday.

What To Watch Next Week: Markets will close early on Monday afternoon and remain closed through Tuesday for the Fourth of July holiday.

Minutes from the Fed’s latest meeting, where the FOMC approved the first pause to interest rate hikes in over a year, will be made public on Wednesday afternoon, likely shedding light on the Fed’s upcoming decision to either restart interest rate hikes or remain on hold.

Produced in association with Benzinga