Micron's stock plummeted over 11% after it reported strong earnings but lowered its outlook, particularly citing weak demand for NAND memory chips. The Federal Reserve's interest rate cuts are impacting homebuilders like Lennar, which reported earnings below expectations due to affordability issues. Meanwhile, the S&P 500 Short Range Oscillator indicates the market is oversold, and speculative sectors are under scrutiny as the Dow faces its worst losing streak since 1974.
Shares of Nextracker surged following the release of strong quarterly results, which included an optimistic outlook for full-year profitability and an increase in project backlog. This rebound offers investors renewed confidence in the troubled solar company, highlighting the importance of timing in the market.
The S&P 500 is expected to continue its decline as bond yields rise following inflation data. Weekly jobless claims were lower than anticipated, while major tech earnings from Apple and Amazon are on the horizon, with mixed reactions to recent results from Microsoft and Meta. Comcast's shares surged over 6.5% after announcing plans to separate its cable networks business.
The Orion Solar Belt in Texas, comprising three solar farms, has begun operations with 1.3 million American-made solar panels, generating 875 MW of energy, primarily for Google data centers. This project, supported by the Inflation Reduction Act, is expected to create 3,000 jobs and contribute $100 million to local services. Texas continues to lead in renewable energy, with nearly 30% of its energy sourced from renewables.
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