US Stock Market Declines Amid Micron Earnings Miss, Accenture Surges

The US stock market saw losses on Thursday as Micron Technology Inc.'s earnings failed to impress investors, despite reporting record quarterly revenue. The company guided first-quarter revenue to $61.5 billion and fiscal fourth-quarter revenue above $54 billion, but its stock still fell by 1.6%. Meanwhile, Accenture plc's blowout earnings report lifted IT services and AI-linked optical names.

The S&P 500 slipped 12 points or 0.2% to 7,639, while the Dow Jones Industrial Average dropped 145 points or 0.3% to 50,761. The Nasdaq 100 also fell by 0.2% to 30,355. Minneapolis Federal Reserve President Neel Kashkari reiterated that 'inflation is still too high,' supporting expectations of further central bank tightening.

The 10-year Treasury yield hovered near 5.25%, falling 5 basis points from its earlier peak at 5.34%. Oil prices rose back above $92 per barrel, with West Texas Intermediate crude futures gaining 2.5% to $92.65 and Brent crude rising by 3.5% to $101.46.

Accenture's strong earnings report sent IT services peers soaring, with Cognizant Technology Solutions Corp.'s stock up 6.7%. Synopsys Inc.'s licensing deal worth over $1 billion with Amazon Web Services and its partnership with OpenAI on AI chip design also lifted AI networking stocks.