Home Depot Falls, Micron Drops, ServiceNow Rises as Investors Pull Back From Semiconductors

On this episode of Stock Movers:
- Home Depot (HD) shares fall. Sales at Home Depot locations open at least a year rose 0.6% during the three months ended May 3, slightly below analysts' estimates. Home Depot's business has been hit by elevated interest rates and high housing prices, leading Americans to take on smaller projects instead of extensive remodels.
- Micron (MU) shares fall. This was due to supply and capacity concerns tied to rising artificial intelligence demand. Seagate Technology Holdings Plc and Western Digital Corp. stocks also declined in premarket trading after sharp selloffs in the previous session, amid concerns about the industry's ability to meet surging AI-driven demand.
- ServiceNow (NOW) shares rise. European software shares surged as investors turned toward more underloved technology stocks, with a sector gauge climbing 4.1% in afternoon European trade. Software stocks also gained in U.S. premarket trade, with companies such as Adobe, Salesforce, and ServiceNow rising, after markets had grown cold on software stocks so far this year.

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