US Stocks End Mixed as Private-Credit Fears Hit Tech; Micron Jumps More Than 10% After Hours

US stocks closed mixed on June 24 as falling oil prices and lower Treasury yields spurred bargain buying after the previous session’s sharp selloff, while renewed concern over stress in private-credit lending weighed on technology shares.

Caution ahead of Micron Technology’s earnings also added to volatility. The memory-chip maker ultimately posted stronger-than-expected results, sending the stock sharply higher in after-hours trading.

The Dow Jones Industrial Average rose 182.06 points, or 0.35%, to 51,848.90. 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.

Investors continued to wrestle with valuation concerns in artificial-intelligence shares, leaving big tech broadly weaker.

Micron was in focus throughout the session. Ahead of its earnings release, the stock fell as much as 5.77% intraday as caution built. Call options were unwound before the results, while put trading increased. By the close, Micron had narrowed its loss to 0.31%.

After the bell, Micron reported earnings per share of $25.11, far above market expectations of about $20. The shares were up more than 10% in after-hours trading.

Before Micron's results, weakness in technology stocks was pronounced in the regular session. Microsoft fell 2.3%, while Oracle and Meta Platforms lost 4.6% and 1.4%, respectively.

The pressure came from unease in private-credit markets. Morgan Stanley imposed withdrawal limits after redemption requests surged at its flagship $7 billion private-credit fund. Seo Sang-young, a managing director at Mirae Asset Securities, said software made up 22.7% of the fund's portfolio. That heightened fears that concerns over weakening software companies tied to the AI boom were spilling into a liquidity crunch, or fund run, in private credit.

Economically sensitive sectors such as airlines and travel companies rose as crude oil slumped. Reports that more ships were passing through the Strait of Hormuz pushed West Texas Intermediate futures down to $70.34 a barrel, the lowest since Feb. 27, just before the outbreak of war between the US and Iran.

The S&P 500 passenger airlines index climbed 5.2%. Travel-platform companies including Expedia and Booking Holdings also advanced.

The drop in oil eased inflation concerns and helped steady Treasury yields. The 10-year Treasury yield fell 10 basis points to 4.40%, while the two-year yield slipped 1 basis point to 4.15%.

The dollar index, which tracks the greenback against six major currencies, rose as high as 101.80 during the session, the strongest level in 13 months.

Spot gold fell as much as 3.7% intraday, briefly dropping to about $3,956 an ounce.

Bitcoin also slid at one point to $59,023.98, its lowest level since October last year.

Han Gyeong-woo, Hankyung.com reporter case@hankyung.com