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Stocks Mostly Up Pre-Bell Ahead of Micron's Latest Financial Results

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Stocks Mostly Up Pre-Bell Ahead of Micron's Latest Financial Results

US stock futures were mostly trending higher on Wednesday as markets looked to recover from the previous session's tech-driven selloff, while investors await Micron Technology's (MU) latest quarterly results.

The S&P 500 rose 0.2% and the Nasdaq increased 0.5% before the opening bell, while the Dow Jones Industrial Average slipped 0.1%. The indexes closed Tuesday trading lower, with the Nasdaq logging its sharpest decline since June 5.

Shares of Micron rose 3.9% pre-bell after closing the previous trading session down 13%. The semiconductor company is scheduled to post its fiscal third-quarter results after the markets close, with analysts on FactSet currently estimating non-GAAP earnings of $20.83 per share and sales of $35.85 billion.

Tech bellwether Nvidia (NVDA) was up 0.7% after a 4.1% decline in the prior session. Intel (INTC) increased 1.9%, while Qualcomm (QCOM) advanced 2.1%.

Tech stocks may face spillover impact from the recent sharp sell-off in South Korea, though the decline appears to be a "pullback/breather" in a market that almost doubled this year, Wedbush Securities said in a note on Tuesday.

FedEx's (FDX) stock fell 7.2% as the parcel delivery giant issued a downbeat earnings outlook for the full 2026 calendar year. Wendy's (WEN) jumped 15% as the fast-food chain hired Potbelly Sandwich Works finance chief Steve Cirulis for the same role, effective Tuesday.

West Texas Intermediate crude oil decreased 1.5% to $72.09 a barrel in premarket action, while Brent slipped 1.6% to $75.86.

In a social media post early Wednesday, President Donald Trump said he has instructed the Department of Justice to "immediately start looking" into oil companies not lowering their prices.

"The big oil companies are not dropping their price at the pump commensurate with the sharply lower prices they are paying for oil," according to Trump. "Those prices are dropping like a rock! In other words, customers are being 'gouged.'"

US Secretary of State Marco Rubio arrived in the Gulf region, aiming to sell the Iran deal to three countries -- the United Arab Emirates, Bahrain and Kuwait -- that are likely to be among the biggest skeptics, CNN reported Tuesday.

Treasury yields were mixed before the open, with the two-year rate nudging higher by 0.1 basis point to 4.2% while the 10-year rate retreated 0.8 basis points to 4.49%.

On Wednesday's economic calendar, the weekly mortgage applications bulletin posts at 7 am ET, followed by the new home sales report for May at 10 am. The weekly EIA domestic petroleum inventories report is due at 10:30 am.

Paychex (PAYX) is expected to post its financial results before the bell, while Trip.com (TCOM), Jefferies Financial (JEF) and H. B. Fuller (FUL) report after the markets close.

Gold declined 1.8% to $4,076 per troy ounce, while bitcoin traded up 0.3% at $62,455.

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