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Micron's earnings report gave the Nasdaq the jumpstart it desperately needed on Thursday. The Nasdaq was up 0.9%. Micron not only reported blowout results but also gave a forecast that had Wall Street ready to pile back into the chip sector after a brief road bump.
The Nasdaq Composite tumbled again today after the latest inflation reading and higher oil prices failed to stop the bleeding. Chips were at the heart of the downturn, with the iShares Semiconductor ETF sinking another 3.7%, putting the chip stock benchmark 12% off its June 3 closing high. Industrials were the biggest laggard on Wednesday, dragged down by a swirl of other factors including rising oil prices, and expectations of a Fed interest rate hike.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.02% and the actively tra
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