Stock market today: S&P 500, Nasdaq fall as traders pare rate cut bets after new economic data

The current economic data suggests a prolonged period of inflation, potentially delaying rate cuts by the Federal Reserve. This would keep financial conditions tighter, likely impacting stock market performance negatively in the short term. Nvidia, despite its innovative announcements, has seen a significant drop, suggesting volatility in tech stocks. Micron's growth looks positive due to broader industry moves despite Nvidia's struggles.

The broader economic sentiments suggest that investors are becoming cautious, which may impact tech stocks negatively overall. However, Micron Technology's gains indicate a potential opportunity within the semiconductor sector, particularly as it continues to show strength amid challenges faced by its larger peer, Nvidia.