Stocks turned mixed Friday as disappointing earnings from Micron (MU) pushed tech stocks lower. The S&P 500 added 0.15%, the Dow Jones Industrial Average gained 0.55%, while the Nasdaq lost 0.33%. Micron shares fell more than 18%, after the chipmaker reported quarterly earnings and revenue that fell short of analysts’ estimates. Meanwhile, shares of Nike (NKE) rallied after reporting better than expected earnings. Investors still remain cautious following a selloff in China and Greece’s ongoing debt crisis. The Shanghai Composite fell 7.4%, amid worries that Chinese equities are overvalued. Japan’s Nikkei 225 index and Hong Kong’s Hang Seng also posted losses. The final reading for June consumer sentiment via the University of Michigan’s Consumer Survey came in at 96.1, compared to estimates of 94.6. Investors also were bracing for a rebalancing of the Russell 2000, an index of small-cap stocks, in an annual event that could result in tens of billions of dollars in trades right before the markets close.
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