Stock futures, including (^DJI, ^IXIC, ^GSPC), are reacting to important economic data showing that the US economy grew by 1.4% in the first quarter of 2024. Micron Technology (MU) is trading lower in pre-market sessions after beating third-quarter earnings but giving fourth-quarter guidance that met Wall Street’s expectations. Amazon’s (AMZN) market cap surpassed $2 trillion yesterday.
Investors are analyzing the US economy’s growth rate and new jobless claims data, with 233,000 people filing for first-time unemployment benefits last week. Micron’s quarterly results impressed analysts with demand for its AI memory chips, but its current quarter outlook aligned with analyst estimates, disappointing some investors. This has caused other chip stocks like NVIDIA to trade lower.
Amazon achieved a significant milestone by reaching a $2 trillion market valuation, becoming the fifth US company to do so. This puts Amazon in the ranks of other tech giants like NVIDIA, Apple, Alphabet, and Microsoft. Amazon’s shares have surged more than 25% year-to-date, demonstrating strong performance in the market.
For more expert analysis and the latest market developments, check out the full episode of Morning Brief for additional insights. This post was authored by Luke Carberry Mogan and provides valuable information on key market trends and events.