Nasdaq slides 0.47% and S&P 500 ends lower as megacap tech drop outweighs upbeat chip outlook

U.S. inflation rose further in May, pushing above 4.0% for the first time in three years, while the final reading of first-quarter GDP was revised up to 2.1%. The hotter-than-expected inflation data reinforced expectations for a Federal Reserve rate hike later this year and added to concerns about the sustainability of AI-related capital spending. The Nasdaq Composite fell 0.47%, marking its biggest monthly decline since March 2025. Nvidia, Microsoft and Alphabet declined, while Micron surged after results and guidance topped estimates.