Nasdaq slides as Apple and Microsoft price hikes pressure tech stocks

The Nasdaq Composite fell 0.46% to 25,358, marking its first four‑session decline since February, as investors shifted capital away from growth‑focused technology shares. Apple led the sector loss, dropping 6% after announcing price increases for its MacBook and iPad lines, citing higher component costs. Microsoft shares slid 3.5% following a price rise for its Xbox consoles, while Alphabet and Meta also posted declines.

In contrast, the Dow Jones Industrial Average rose 0.14% to a record 52,654, driven by gains in health‑care, financial and industrial stocks. The broader market was cushioned by a strong earnings report from Micron Technology, whose shares surged nearly 16% after a third‑quarter beat, and a 4% rise in Qualcomm after raising long‑term revenue forecasts. Inflation data showed the personal consumption expenditures (PCE) price index up 0.4% month‑over‑month, slightly below expectations, easing concerns over accelerating costs.

Overall, the market displayed a clear sector rotation: defensive and industrial stocks lifted the Dow, while technology valuations faced pressure from rising chip and component prices.