Nike lifts Dow, but Nasdaq drops

NEW YORK (AFP) - Sporting gear giant Nike lifted the Dow into positive territory Friday, while disappointing results from chipmaker Micron Technology pushed Nasdaq into the red.

The Dow Jones Industrial Average gained 56.66 points (0.32 per cent) to 17,947.02.

The broad-based S&P 500 slipped 0.70 (0.03 per cent) to 2,101.61, while the tech-rich Nasdaq Composite Index fell 31.68 (0.62 per cent) to 5,080.51.

Nike jumped 4.3 per cent to lead the Dow as earnings for the quarter ending May 31 rose 21.6 per cent to US$865 million (S$1.16 billion).

But Micron plummeted 18.2 per cent as third-quarter net income tumbled 39 per cent due to the hit from lower personal computer sales. Other Nasdaq-listed chipmakers also fell, including Dow component Intel (minus 3.0 per cent).

The broader market was weighted down by worries that Greece could default on its debt, analysts said.

The Greek government rejected the latest proposal from international creditors, leaving little time to reach a deal ahead of a June 30 deadline to repay €1.5 billion (S$2.2 billion) to the IMF.

"The market has been sideways today, because there's been no major impetus to move it one way or the other," said David Levy, portfolio manager at Kenjol Capital Management.

Animal-health company Zoetis fell 12.2 per cent after surging 11.4 per cent Thursday following a Wall Street Journal that it received a takeover bid from Valeant Pharmaceuticals International.

Analysts from BMO Capital Markets and others expressed skepticism about a deal, in part because Zoetis offers fewer cost-cutting opportunities than other Valeant acquisitions. Valeant fell 1.9 per cent.

Cybersecurity company FireEye fell 5.3 per cent after it was downgraded by Barclays, which said the stock had less upside than other companies in the sector.

Bond prices fell. The yield on the 10-year US Treasury rose to 2.47 per cent from 2.40 per cent Thursday, while the 30-year advanced to 3.24 per cent to 3.17 per cent. Bond prices and yields move inversely.