Wall Street drifts in mixed trading after Micron soars and Apple drops

NEW YORK (AP) — The U.S. stock market is drifting in mixed trading Thursday after several artificial-intelligence stocks veered back up the roller coaster, while Apple dropped after hiking prices on many of its products.

The S&P 500 slipped 0.3% after erasing an early gain of 0.8%. The Dow Jones Industrial Average was up 228 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was 1.2% lower.

Micron Technology helped lead the market after jumping 9.7%. The maker of memory chips for computers reported much stronger profit and revenue for the latest quarter than analysts expected, and it gave a stronger growth forecast for the current quarter than Wall Street expected. That helped allay worries a bit that its stock had grown too expensive after coming into the day with a surge of 267% so far this year.

Micron and AI stocks broadly have been under pressure recently because of worries that their profits can’t possibly keep pace with the tremendous rallies for their stock prices. But beyond Micron, Qualcomm said late Thursday that the acceleration of the AI era is forcing it to upgrade forecasts for its own growth in upcoming years.

The chip company said it expects its revenue outside of handsets, including data centers, to hit $40 billion in its fiscal year of 2029, roughly double its prior target. Qualcomm’s stock rose 3.1%.

But all the strong demand for computer memory and storage that's driving producers higher also means higher prices for customers. Apple on Thursday raised prices for many of its products, including increases of 15% to 20% for Mac computers, according to analysts. Its stock fell 4.8%.

The broad U.S. stock market also got a lift from easing Treasury yields in the bond market. They regressed after a report showed inflation is behaving pretty much as economists expected.

The price for a barrel of Brent crude oil, the international standard, slipped 0.1% to $73.81 and is near its roughly $72 price from just before the war with Iran. It’s come well off its highs above $100 caused by the closure of the Strait of Hormuz because of the war, which slowed the global flow of oil.

That jump in oil prices earlier this year sent inflation sharply higher, and a report showed that a measure of inflation hitting U.S. consumers accelerated to 4.1% last month from 3.8% in April. But that wasn’t any worse than economists expected, and the hope is that inflation may ease because of the drop-off in oil prices.

That helped the yield on the 10-year Treasury slip to 4.36% from 4.41% late Wednesday and from 4.56% earlier this month.

High yields in bond markets worldwide caused by worries about inflation are threatening to slow economies, and they have already sent rates higher for mortgages and other kinds of loans. High yields also hurt prices for investments, particularly those seen as the most expensive. That raises the pressure on AI winners.

In stock markets abroad, South Korea’s Kospi jumped 5.4% after its own AI winners shot higher, including a 13.1% surge for SK Hynix.

Other markets also rallied, including gains of 4.6% for Japan’s Nikkei 225 and 0.6% for the United Kingdom’s FTSE 100. A 1.4% drop for Hong Kong’s Hang Seng was an outlier.

AP Business Writer Elaine Kurtenbach contributed to this report.

Options traders David Rush, left, and Scott Frinzi work on the floor of the New York Stock Exchange, Tuesday, June 16, 2026. (AP Photo/Richard Drew)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, June 24, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, June 24, 2026. (AP Photo/Ahn Young-joon)

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI) at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Wednesday, June 24, 2026. (AP Photo/Ahn Young-joon)

A man walks past a monitor showing stock prices of companies on the Tokyo Stock Exchange in Tokyo, Tuesday, June 23, 2026. (AP Photo/Hiro Komae)

People walk past a monitor showing Japan's Nikkei 225 index at a securities firm in Tokyo, Tuesday, June 23, 2026. (AP Photo/Hiro Komae)

CHICAGO (AP) — Bryson Graham took over the Chicago Bulls when he was hired as executive vice president of basketball operations in May. At his introductory news conference, he referenced the acronym SLAP — size, length, athleticism, physicality.

That vision is beginning to come into focus.

Chicago selected Caleb Wilson and Dailyn Swain in the first round of Graham's first draft with his new team on Tuesday night. It was part of a busy stretch for the Bulls, who reportedly acquired Nic Claxton as part of a three-team trade on Monday night. Tiago Splitter was hired as coach last week.

The 6-foot-9 Wilson and 6-7 Swain are known for their athleticism and finishing ability, and the 6-11 Claxton shot 57% from the field while averaging 11.7 points for Brooklyn last season. The three additions — along with Splitter's arrival — provide the strongest indication yet of how the Bulls might look under Graham.

“We’re definitely not where we want to be, but we’re establishing an identity," Graham said. “I think that’s really important for this organization, especially where we’re at right now. Both Caleb and Dailyn, they fit the bill. We’re not addressing every skill yet. A lot of people might (ask), ‘Where is the shooting at?’ and things of that nature. I’m not typically worried about that right now.”

Wilson made just seven 3-pointers in his only season at North Carolina, and Swain shot 37% (26 for 71) from deep during his junior year at Texas. But Graham said he thinks both players can improve their shooting skills.

What Wilson and Swain bring right now is defensive versatility — an important upgrade for Chicago after it allowed 121.5 points per game last season, ranking 28th overall in the NBA.

“The fastest way to find playing time and opportunity is on the defensive side of the ball,” Graham said. “So as Dailyn comes in and as Caleb comes in, I’m looking for them to be tone-setters on that side of the floor and be pillars for this organization going forward.”

Chicago selected Braden Smith with the No. 38 pick in the draft on Wednesday, but it traded the point guard to Indiana for Kam Jones, a 6-4 guard who was the No. 38 pick in the 2025 draft. The Bulls also received second-round pick swaps in 2028 and 2030 and cash from the Pacers. The Bulls also reportedly sent the No. 56 pick to the Los Angeles Lakers for cash.

Wilson, quite possibly the most athletic player in the draft, was the No. 4 pick after he averaged 19.8 points and 9.4 rebounds in 24 games with the Tar Heels. His season was cut short by left hand and right thumb injuries, but he said he feels great right now.

“My fit on the team is going to be, I’m just going to go hard, man, honestly,” said Wilson, who turns 20 on July 18. "I’m going to make it happen. Whatever they need me to do, I going to do it and more.”

Swain, taken at No. 15, played for Xavier for two seasons before transferring to Texas. He averaged 17.3 points, 7.5 rebounds and 3.6 assists last season with the Longhorns. He also led the team with 59 steals.

Swain prides himself in being what he called “a connective player.” Asked what that means from a defensive perspective, he focused on being able to disrupt the opposing offense.

“You know, get them out of rhythm, read plays before they happen," Swain said, "get in the passing lanes and, you know, maybe help out a teammate. ... Just anything to help out on defense.”

Chicago finished with a 31-51 record last season while missing the playoffs for the fourth straight year. Graham has described the Bulls as being “at the ground floor,” so the development of Wilson and Swain will be a major factor in the direction and timeline for the team's future.

Swain, for one, seemed excited about beginning his NBA career alongside Wilson.

“He is an electric player. Every time you watch him, he has a highlight,” said Swain, who turns 21 on July 15. “I’ve just seen like a five-minute video of all his dunks from this season. It was the longest thing I’ve watched. ... I think we're going to be great together.”

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Dailyn Swain is interviewed after being selected by the Chicago Bulls as the 15th pick in the first round of the NBA basketball draft, Tuesday, June 23, 2026, in New York. (AP Photo/Yuki Iwamura)

Caleb Wilson walks off the stage after being selected by the Chicago Bulls in the first round of the NBA basketball draft, Tuesday, June 23, 2026, in New York. (AP Photo/Yuki Iwamura)

Dailyn Swain walks off the stage after being selected by the Chicago Bulls as the 15th pick in the first round of the NBA basketball draft, Tuesday, June 23, 2026, in New York. (AP Photo/Yuki Iwamura)

Dailyn Swain, right, poses for a photo with NBA Commissioner Adam Silver, left, after being selected by the Chicago Bulls as the 15th pick in the first round of the NBA basketball draft, Tuesday, June 23, 2026, in New York. (AP Photo/Yuki Iwamura)

Caleb Wilson, right, poses for a photo with NBA Commissioner Adam Silver, left, after being selected by the Chicago Bulls in the first round of the NBA basketball draft, Tuesday, June 23, 2026, in New York. (AP Photo/Yuki Iwamura)