US stocks mixed as semiconductor rally offsets Apple drop

U.S. stock markets closed with a mixed performance on Thursday, June 25, as a rally in semiconductor stocks led by Micron Technology was offset by a sharp decline in shares of Apple. The broader market struggled for clear direction amid persistent uncertainty over the Federal Reserve's interest rate path.

The technology-heavy Nasdaq Composite ended firmer, driven by renewed buying in semiconductor and artificial intelligence-linked shares. The Dow Jones Industrial Average also outperformed, supported by broader value and cyclical stocks. The S&P 500 was little changed to modestly higher, while the Russell 2000 index of small-cap stocks also advanced on improved risk sentiment.

Micron Technology served as the day's primary catalyst, with its shares surging after the company provided a stronger earnings outlook fueled by robust AI memory demand. This optimism lifted the broader semiconductor sector. In stark contrast, Apple shares tumbled, posting their worst single-day decline since April of last year. The drop followed the company's move to raise prices on a range of products, which it attributed to higher chip costs. Analysts noted the move raises concerns that rising input...