US shares wobbled on Thursday after chipmaker Micron’s (MU) outlook put a dent in tech-rally hopes, as buyers assessed contemporary financial knowledge forward of an inflation studying key to Federal Reserve coverage.The S&P 500 (^GSPC) was little modified after rising Wednesday to shut not far wanting a brand new all-time excessive. The Dow Jones Industrial Common (^DJI) hovered across the flatline, whereas the tech-heavy Nasdaq Composite (^IXIC) rose 0.1%.Shares are struggling within the wake of Micron’s gross sales forecast for the present quarter, which met expectations however didn’t fulfill buyers searching for stellar outperformance from AI-linked corporations.Bullishness round AI has helped raise the benchmark S&P 500 to a 15% acquire this yr. However issues are rising that the rally could possibly be in danger if the handful of tech corporations driving most of these positive aspects cease topping already lofty expectations.Reminiscence maker Micron’s shares slid greater than 4% in early buying and selling. Nvidia (NVDA) was down about 1%, reviving worries of a return to the sell-off that rattled markets final week.Buyers have been weighing a brand new batch of financial knowledge forward of the PCE inflation print on Friday that can affect the Fed’s considering on timing of interest-rate cuts.A studying on preliminary weekly jobless claims got here in at 233,000, a lower of 6,000 from the earlier week, in accordance with Division of Labor knowledge. The print got here in beneath a consensus expectation of 235,000. However recurring jobless claims rose to their highest since late 2021, suggesting it is taking longer for unemployed folks to discover a job.Actual gross home product (GDP) elevated at an annual fee of 1.4% within the first quarter of 2024, in accordance with the third estimate by the Bureau of Financial Improvement launched on Thursday morning. The print was barely increased than the prior estimate of 1.3%.Inflation might additionally loom massive within the first debate between President Joe Biden and former President Donald Trump on Thursday evening.On the company entrance, Levi Strauss (LEVI) shares sank over 15% within the wake of a second-quarter income miss for the denims vendor. Buyers will look to Nike’s (NKE) quarterly outcomes after the bell for extra clues to client resilience.Live3 updatesThu, June 27, 2024 at 8:48 AM CDTNetflix, Meta assist raise Nasdaq into inexperienced territoryCommunication shares lifted the Nasdaq Composite (^IXIC) into optimistic territory to rise 0.3% shortly after the market open on Thursday.Netflix (NFLX) and Meta (META) each rose greater than 1%, serving to raise the tech heavy sector which had beforehand dipped slightly below the flatline.The S&P 500 (^GSPC) additionally rose 0.2% whereas the Dow Jones Industrial Common (^DJI) was little modified.In the meantime chip large Nvidia (NVDA) was fractionally down after Micron’s (MU) gross sales forecast didn’t enthuse buyers on the AI craze that has fueled the broader market rally this yr.Thu, June 27, 2024 at 8:35 AM CDTStocks waver at open as buyers weigh financial knowledge, Micron places lid on tech rallyStocks opened barely decrease on Thursday morning after a GDP studying for the primary quarter of 2024 got here in barely increased than the prior print for a similar three-month interval.The S&P 500 (^GSPC) was little modified whereas the Dow Jones Industrial Common (^DJI) slipped 0.1%. The tech-heavy Nasdaq Composite (^IXIC) fell slightly below the flatline.Actual gross home product (GDP) elevated at an annual fee of 1.4% within the first quarter of 2024, in accordance with the third estimate by the Bureau of Financial Improvement launched on Thursday morning. The print was barely increased than the prior estimate of 1.3%.A studying on preliminary weekly jobless claims got here in at 233,000, a lower of 6,000 from the earlier week, in accordance with Division of Labor knowledge.On the company entrance, Chipmaker Micron’s (MU) gross sales forecast for the present quarter met expectations however didn’t fulfill buyers searching for stellar outperformance from AI-linked corporations. The inventory fell about 4% in early buying and selling. AI chip large Nvidia (NVDA) additionally fell virtually 1% on the open.Thu, June 27, 2024 at 4:24 AM CDTWhy the Levi’s quarter bothers meLevi’s (LEVI) shares are getting slammed by 15% within the pre-market following earnings.And I feel it is deserved for 2 causes.First, China gross sales tanked 10% from the prior yr. I’ve been chatting to a superb variety of of us of late who’ve just lately visited China. One theme is that Chinese language shoppers are feeling on the gloomy facet and never spending like in years previous. That temper is impacting demand for Levi’s denims, Starbucks (SBUX) espresso and — in accordance with Normal Mills’ (GIS) earnings name yesterday — Haagen Dazs ice cream.It is onerous to see the inflection level in China.Identical goes for the Levi’s wholesale enterprise, or the enterprise that sells into malls. Gross sales fell 4% from the prior yr. The corporate’s commentary suggests wholesale demand might not inflect till 2025.I plan to place a few of my issues to Levi’s CFO Harmit Singh at the moment at 10:30 a.m. ET on Yahoo Finance. Tune in!