U.S. markets had a rough day of trading Thursday, with the Dow Jones Industrial Average being the lone major index to close the day in positive territory while the Nasdaq gave back much of the gains it made this week.
The Dow closed trading up 0.36%, or 91 points to 25,237, while the S&P 500 fell 0.085, or 2 points to 2,770, and the Nasdaq fell 0.7%, or 54 points to 7,635.
Developers Estimate Solar Panel Tariff Will Cost $2.5 Billion
The tariffs imposed by President Donald Trump will cost renewable energy companies more than $2.5 billion in large installation projects as well as thousands of jobs, according to Reuters.
That's more than double the $1 billion in new spending plans that have already been announced by firms looking to build or expand on current U.S. solar panel factories.
Trump announced the tariff in January.
Altaba Is Looking to Buy Back 24% of Its Shares
The purchase would lower Altaba's stake in Alibaba to 11% from 15%. The company said that it would pay 0.35 Alibaba shares, plus cash tied to Alibaba's volume-weighted average price, each for 195 million Altaba common shares.
The move is an effort to reduce the gulf between the company's share price and net asset value.
Micron Climbs on Bullish Goldman Note
Goldman Sachs is bullish on Micron Technology Inc. (MU) .
Analyst Mark Delaney said he is sure the company will top Wall Street profit estimates when it reports fiscal third-quarter results next week. The bullish note sent the stock up 0.8% in morning trading Thursday, June 7.
The beat will be fueled by strength in the company's DRAM segment. Delaney said he expects that strength to continue into the third quarter of the calendar year, or "longer than some industry contacts that we had spoken with previously expected."
Goldman Sachs' note contrasts a note published Wednesday, June 6, by Longbow Research that re-established coverage on the stock with a neutral rating.
Micron has 23 buys, 6 holds, zero sells with an average Wall Street price target of $77, according to Bloomberg. The average price target represents a potential 23% upside from the stock's closing price Wednesday of $59.41.
ZTE Reaches Deal With U.S. Regulators
The U.S. has struck a deal with Chinese handset maker ZTE Corp. (ZTCOY) , according to U.S. Commerce Secretary Wilbur Ross.
Ross told CNBC on Thursday, June 7, that the U.S. struck a deal to lift restrictions on ZTE purchasing parts from U.S. companies, including Qualcomm Inc. (QCOM) , Corning Inc. (GLW) and Alphabet Inc. (GOOGL) .
ZTE ceased major operations after it was hit in April with a seven-year ban for breaking a 2017 agreement reached after it was caught illegally shipping goods to Iran and North Korea.
As part of the deal, ZTE must change its board and executive team within 30 days.
U.S. futures were mixed ahead of the opening bell with Nasdaq futures dipping as the opening bell approached.
Dow futures were up 0.19%, indicating an open 49 points higher, while S&P futures were up 0.05%, indicating an open 1 point higher, and Nasdaq futures fell 0.08%, indicating an open 6 points lower.
Asian markets were also mixed Thursday, with the Shanghai Composite being the lone major index to close in the red. The Shanghai Composite fell 0.18%, the Hang Seng rose 0.81% and the Nikkei gained 0.87%.
In Europe, the FTSE 100 was gaining 0.4%, the DAX rose 0.2%, and the CAC 40 rose 0.26% with about four hours left in trading.