U.S. stocks close mixed as mega-cap tech weakness offsets chip rally

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U.S. stocks close mixed as mega-cap tech weakness offsets chip rally

2026-06-26 12:59 Last Updated At：13:59

Major U.S. stock indexes ended mixed on Thursday, with weakness in mega-cap technology names offsetting gains in semiconductor stocks fueled by strong corporate earnings.

The Dow Jones Industrial Average rose 71.72 points, or 0.14 percent, to 51,920.62. The Standard and Poor's 500 dipped 0.73 points, or 0.01 percent, to 7,357.49. The Nasdaq Composite Index shed 118.03 points, or 0.46 percent, to 25,358.60.

Six of the 11 primary Standard and Poor's 500 sectors ended in the green, with industrials and health leading the gainers by rising 2.19 percent and 1.49 percent, respectively. Consumer discretionary and consumer staples led the laggards by going down 1.78 percent and 1.08 percent, respectively.

Micron Technology delivered record-setting quarterly results, beating expectations and providing upbeat guidance, which helped ease concerns over lofty AI valuations and spending. The company's shares surged more than 15 percent.

Qualcomm rose about 3.7 percent after announcing an expansion beyond smartphones into data center products, including chips and servers, with a target of 15 billion U.S. dollars in new revenues from the AI boom.

Meanwhile, Apple dropped 6.15 percent after the company announced price increases on MacBook and iPad products, citing higher component costs. Microsoft also lost 3.46 percent following news of price hikes on Xbox consoles.

On the inflation front, the U.S. Commerce Department reported that the personal consumption expenditures (PCE) price index, the Federal Reserve's preferred inflation gauge, rose 0.4 percent month over month in May, slightly below expectations, and 4.1 percent year over year. The core PCE index, excluding food and energy, increased 0.3 percent month over month and 3.4 percent year over year, both in line with forecasts.

China condemns tariff abuses under pretext of "forced labor"

China delivered a joint statement on behalf of a group of nearly 20 countries at the 62nd session of the United Nations Human Rights Council on Thursday, to expose and condemn the hegemonic practice of unilateral tariff under the pretext of "forced labor."

The joint statement was delivered by Jia Guide, China's permanent representative and ambassador to the United Nations Office at Geneva and other international organizations in Switzerland.

The joint statement pointed out that the eradication of poverty hinges on safeguarding everyone's right to work and the right to development.

"We firmly oppose forced labor. At the same time, we are also seriously concerned about, and firmly oppose, the imposition of additional duties on other economies on the basis of unilateral accusations alleging a failure to curb imports of goods produced with so-called forced labor," the joint statement said.

The arbitrary imposition of tariff under the guise of so-called anti-forced labor measures will only infringe upon the right to development and the right to decent work of hardworking workers. Such practices can only destabilize global industrial supply chains and undermine collective efforts to eradicate poverty, according to the joint statement.

The joint statement emphasized that China urges relevant countries to respect facts, refrain from politicizing trade issues and weaponizing human rights, uphold the international economic and trading order and contribute to global development through tangible actions.

The joint statement has received widespread support, with Russia, Pakistan, Venezuela, Sudan, Cambodia and other countries cosponsoring it, and many developing countries have echoed China's position.