S&P 500 Hits Record High as Micron Soars on AI Chip Demand; Accenture Plunges on Slowing Sales
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The S&P 500 rose 0.3% to a new record high as the Fed reiterated projections for 3 rate cuts in 2024. Micron Technology stock soared 14% on strong AI demand.
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Semiconductor stocks rallied, with Micron beating estimates and Super Micro Computer shares jumping 8% despite a planned $2 billion stock offering.
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Broadcom stock gained 6% after an analyst upgraded the rating and lifted the price target, citing the company's custom AI chips and networking products.
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Accenture shares plummeted 9% after the consulting firm cut guidance due to slowing sales and bookings amid macro uncertainty.
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Darden Restaurant stock fell 7% after quarterly revenue missed estimates. The company cut its full-year sales outlook despite its acquisition of Ruth's Chris Steak House.