Stocks Erase Early Gain as Megacap Tech Stocks Retreat

U.S. stock indexes erased early gains and traded mixed as weakness spread from the megacap technology group known as the Magnificent Seven. The S&P 500 fell 0.18%, while the Dow Jones Industrial Average rose 0.49%; the Nasdaq 100 declined 0.20%. September S&P and Nasdaq E-mini futures were also lower, down 0.30% and 0.32%, respectively. Shares initially moved higher after Micron Technology posted a forecast that reinforced expectations for AI-linked demand, lifting the stock by more than 9% and pointing to Q4 revenue of $50 billion versus $43.24 billion consensus. Qualcomm also rose more than 3% after projecting annual sales exceeding $15 billion from AI components for data centers by fiscal 2029. Broader support came from stronger U.S. economic data, including a Q1 GDP revision to 2.1% (annualized) and a drop in weekly jobless claims to 215,000.