[New York Stock Market] Micron surges 13% in after-hours trading on surprise earnings; S&P 500 and Nasdaq continue to fall

[Financial News]  

The NYSE closed mixed on the 24th local time.
Only the Dow Jones Industrial Average, which had fluctuated until late in the previous session before ending slightly lower, rose 0.35% on the day.
By contrast, the technology-heavy S&P 500 and Nasdaq Composite sharply narrowed their losses, recovering from the previous day's steep decline.
Ahead of Micron's quarterly earnings release after the close, investors stayed on the sidelines.
Meanwhile, Micron's quarterly results came in better than expected, sending its shares up 13% in after-hours trading.

The Dow Jones Industrial Average closed at 51,848.90, up 182.06 points, or 0.35%, from the previous session.
The S&P 500 and Nasdaq Composite, however, remained under pressure.
The S&P 500 fell 7.24 points, or 0.10%, to 7,358.22, while the Nasdaq Composite dropped 110.40 points, or 0.43%, to 25,476.64.
The CBOE Volatility Index (VIX), known as Wall Street's fear gauge, fell 0.39 points, or 2.01%, to 19.10.

Semiconductor stocks remained weak, but the selloff eased as they moved away from the previous day's plunge.
In particular, Micron released surprise earnings after the close, and its stock jumped 9% in after-hours trading, giving semiconductor names a fresh boost.
Micron finished regular trading at $1,048.51, down $3.26, or 0.31%, but in after-hours trading it surged to $1,190, up $141, or 13.5%, from the regular-session close.
Quarterly revenue reached $41.46 billion, far above the market forecast of $35.84 billion, while adjusted earnings per share came in at $25.11, also well above expectations of $20.78.
Micron's quarterly revenue was nearly four times the $9.3 billion recorded a year earlier.
NVIDIA also ended regular trading at $199.00, down $1.04, or 0.52%, but turned up 0.6% in after-hours trading.
Intel closed at $131.65, down $0.63, or 0.48%, before jumping 3.2% in after-hours trading.
The iShares Semiconductor ETF (SOXX) ended regular trading at $601.50, down $1.89, or 0.31%, and then rose 3.4% to $622 in after-hours trading.

Big tech stocks were mostly weaker. Rising doubts over whether companies can afford artificial intelligence investments weighed on share prices.
Alphabet Inc. closed at $345.29, down $0.80, or 0.23%, while Apple fell $1.22, or 0.41%, to $293.08.
Microsoft fell $8.48, or 2.27%, to $365.46, and Palantir Technologies dropped $3.20, or 2.74%, to $113.50.
SpaceX ended at $154.54, down $1.57, or 1.01%, while Tesla fell $6.08, or 1.59%, to $375.53.
Only Amazon.com, Inc. closed higher, up $0.16, or 0.07%, at $234.27.
dympna@fnnews.com Song Kyung-jae Reporter