Stock Market Today: Stocks edge lower, Micron weighs on big tech

Check back for updates throughout the trading day

U.S. equity futures edged lower Thursday, with Micron Technology weighing heavily on tech shares, as investors treaded cautiously into the final trading days of the second quarter focused on inflation data and Treasury bond yields.

Updated at 8:37 AM EDT

Mixed data dump

The economy grew at a modest 1.4% pace over the first three months of the year, the Commerce Department said in its final GDP estimate, a modestly higher tally compared to its prior 1.3% forecast, and the weakest since the second quarter of 2022.

Weekly jobless claims, meanwhile, fell by 6,000 over the period ending on June 22 to around 233,000, just under the Street consensus forecast of 236,000.

Stocks were little-changed following the data releases, which also included a modestly firmer reading for June durable goods orders, with the S&P 500 called 2 points lower and the Dow set for a 50 point decline. 

U.S INITIAL JOBLESS CLAIMS ACTUAL: 233K VS 238K PREVIOUS; EST 235K

U.S CONTINUING JOBLESS CLAIMS ACTUAL: 1839K VS 1828K PREVIOUS; EST 1828K— *Walter Bloomberg (@DeItaone) June 27, 2024

Updated at 7:53 AM EDT

Walgreens in deep red

Walgreen Boots Alliance  (WBA)  shares plunged lower in early trading after the pharmacy and retail chain slashed its full-year profit forecast and unveiled plans for a significant multi-year" program of store closures.

Walgreens said full-year profits would likely come in between $2.80 to $2.95 per share, a 40 cent reduction form its March forecast, following a weaker-than-expected set of third quarter earnings published Thursday.

Walgreens $WBA down 15% premarket on slashed guidance...
- Adj EPS 63c, est 68c pic.twitter.com/HRlJiDzVr8— Special Situations