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Micron Technology

Micron Technology

$MU
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201 stories mentioning Micron TechnologyUpdated just now

Micron trades amid strong semiconductor and tech-sector gains, with the Philadelphia Semiconductor Index surging on US-Iran framework optimism.

Micron Issues Upbeat Outlook Following Fiscal Third-Quarter Beat
US Markets

Micron Issues Upbeat Outlook Following Fiscal Third-Quarter Beat

Micron Technology (MU) shares jumped early Thursday as the semiconductor manufacturer provided a fiscal fourth-quarter outlook above Wall Street's estimates and reported stronger-than-expected results for the prior three-month period.The company anticipates adjusted earnings of $31 a share, plus or minus $1, for the ongoing quarter, it said late Wednesday. Revenue is pegged at $50 billion, plus or minus $1 billion. The current consensus on FactSet is for non-GAAP EPS of $28.47 and sales of $47.56 billion.The stock rose 16% in the most recent premarket activity.Micron expects supply and demand conditions for dynamic random-access memory, or DRAM, and NAND flash memory demand to "remain tight" beyond next year, Chief Executive Sanjay Mehrotra said in prepared remarks. The company projects DRAM bit shipments to grow in the low- to mid-20% range for 2026, and NAND bit shipments to rise by about 20%, according to Mehrotra."Even as we expect industry supply to improve gradually in 2028, we currently do not have line of sight as to when memory supply will be able to catch up with increasing demand," Mehrotra said. "We expect Micron DRAM supply to grow approximately in line with the industry supply growth, while Micron NAND supply grows somewhat less than the industry supply growth in calendar 2026."The chipmaker forecasts capital expenditures of around $10 billion in the fourth quarter, taking its full-year capital spending to roughly $27 billion, according to Chief Financial Officer Mark Murphy. For fiscal 2027, it expects quarterly capital expenditures to be above levels in the ongoing quarter, with more than half of the year-over-year increase to come from construction spending, as "we pull in cleanroom capacity required to address long-term demand," Murphy said.For the third quarter ended May 28, Micron reported adjusted EPS of $25.11, up from $1.91 the year before, and topping the Street's view for $20.86. Revenue soared to $41.46 billion from $9.3 billion, surpassing the average analyst estimate of $35.91 billion.Revenue from the cloud memory business unit amounted to $13.77 billion, up from $3.39 billion in the prior-year quarter. The core data center and mobile and client segments logged revenue of $11.52 billion each, up from $1.53 billion and $3.26 billion, respectively. The automotive and embedded division sales inclined to $4.63 billion from $1.13 billion.The results show "the memory and chip trade is well-intact and still in the early stages of playing out with the (artificial intelligence) revolution still in the 3rd inning," Wedbush Securities said in a client note. "We are seeing no cracks in AI demand on the chips/hardware or software front which gives us a bright green light to own the core tech winners into year-end."The brokerage has an outperform rating on Micron's stock with a price target of $1,300.

$MU
International

Update: US Equity Indexes Mixed as Technology Gives Up Intraday Gains, Crude Oil Sinks

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed on Wednesday, as technology relinquished intraday gains and crude oil plunged amid a recovery in flows through the Strait of Hormuz in the Persian Gulf.The Nasdaq Composite fell 0.4% to 25,476.64, and the S&P 500 was down 0.1% to 7,358.22, giving up all intraday gains. The Dow Jones Industrial Average rose 0.4% to 51,848.90. Technology, which traded higher earlier in the session, ended up lower at the close. Energy was the standout decliner, while industrials and utilities led the gainers.After the bell on Wednesday, Micron Technology (MU) reported fiscal Q3 earnings and revenue that beat market expectations. Its Q4 forecasts were also above consensus. Shares jumped more than 8% in after-hours trading.Most US Treasury yields declined, with the 10-year down 8.7 basis points to 4.41%. The two-year rate dropped 4.6 basis points to 4.15%.In precious metals, gold futures dived 3.2% to $4,016.9, and silver futures plummeted 7% to $57.70.In geopolitical news, US Secretary of State Marco Rubio said technical talks with Iran are scheduled for next week in Geneva, Switzerland, with no tolls in the Strait of Hormuz set when a final deal is agreed on, Al Jazeera, a Middle East broadcaster, reported on Wednesday.Ships have begun sailing through the Strait of Hormuz under a new scheme by the International Maritime Organization to evacuate the trapped vessels, a spokesperson told Reuters on Wednesday. The initiative will enable hundreds of ships, with some 11,000 seafarers stranded in the Gulf, to sail through Hormuz.Some 20 million barrels of crude oil have exited the Strait of Hormuz in the last 24 hours, US Energy Secretary Chris Wright told the Reuters Global Energy Forum in New York, according to the Al Jazeera news report.Front-month global benchmark North Sea Brent sank 5.1% to $73.12 per barrel, and the US West Texas Intermediate dropped 4.6% to $69.81 per barrel. WTI is trading close to levels seen before the Iran war.In economic news, US new-home sales decelerated to a 580,000 annual rate in May from an upwardly revised 626,000 rate in April, below the 640,000 rate expected in a Bloomberg-compiled survey. Home sales were down 6.8% from May 2025.Mortgage applications in the US increased last week as refinancing activity improved while home purchase demand edged lower, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, increased 1% in the week ended June 19. On an unadjusted basis, the index decreased 10% compared with the previous week. This week's results include an adjustment for the Juneteenth holiday."Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels," said Mike Fratantoni, the MBA's chief economist.

Dow JonesNasdaq CompositeS&P 500$MU
Update: Nasdaq, S&P 500 Extend Slide on AI-Chip Caution; Oil Sinks
US Markets

Update: Nasdaq, S&P 500 Extend Slide on AI-Chip Caution; Oil Sinks

(Updates with market moves at the end of the day.)The Nasdaq Composite and S&P 500 fell Wednesday for the third straight session amid caution on the AI-chip trade, while oil prices tumbled as supply concerns eased.The technology-heavy Nasdaq fell 0.4% to 25,476.6, erasing earlier gains, and the S&P 500 shed 0.1% to 7,358.2. The Dow Jones Industrial Average rose 0.4% to 51,850.9. Among sectors, energy posted the biggest drop, while industrials paced the gainers.Micron Technology (MU) shares fell 0.3% in regular trading Wednesday following a 13% drop in the previous session as part of the tech slump. The stock jumped 15% in after-hours trading after fiscal third-quarter results topped estimates.KB Home (KBH) shares jumped 17% a day after the homebuilder released second-quarter results. Truist Securities attributed the gain to the company's improving gross margins.Builders FirstSource (BLDR) shares rose 11%, the top gainer on the S&P 500.Qualcomm (QCOM) agreed to acquire software infrastructure firm Modular for about $3.92 billion in stock as the semiconductor giant looks to bolster its ability to deliver a more optimized AI compute layer. Qualcomm shares fell 3.3%.Paychex (PAYX) issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. The human resources software provider's shares dropped 1.7%.West Texas Intermediate crude oil fell 4.7% to $69.79 a barrel in late trading, and Brent dropped 5.2% to $73.09. Tankers continued to move through the crucial Strait of Hormuz after being stuck due to the US-Iran war.Citing data analytics company Kpler, Stifel said 39 ships moved through the chokepoint on Monday. "Still well below the typical average of over 100, this is a vast improvement after more than three months of a complete halt of traffic," the brokerage said Wednesday in a report. "Both the US and Iran have signaled broad-based progress toward ending the war. That being said, the situation remains delicate as negotiations continue."US President Donald Trump, in a social media post, criticized oil companies for "not dropping their prices at the pump commensurate with the sharply lower prices they are paying for oil." Trump said he had instructed the Department of Justice "to immediately start looking into this."US Treasury yields were lower, with the 10-year rate last seen down 9.5 basis points at 4.41% and the two-year rate falling 4.3 basis points to 4.15%.In economic news, new-home sales in the US unexpectedly declined last month as prices moved higher, government data showed."New home sales were much weaker than expected in May, but we think the pace of sales in May probably marks the bottom of what will be a noisy range over the next few months rather than the start of a more sustained decline," Oxford Economics said in a note. "We expect sales to improve later in the year based on our forecast for mortgage rates to move lower."Gold was last seen down 3.2% at $4,017.60 per troy ounce, while silver slumped 7% to $57.72 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLDR$KBH$MU$PAYX
Wire

Micron Technology Fiscal Q3 Adjusted Earnings, Revenue Rise; Q4 Guidance Set

Micron Technology (MU) reported fiscal Q3 adjusted earnings late Wednesday of $25.11 per diluted share, up from $1.91 a year earlier.Analysts polled by FactSet expected $20.86.Revenue for the three months ended May 28 was $41.46 billion, up from $9.30 billion a year earlier.Analysts expected $35.91 billion.The company expects fiscal Q4 adjusted EPS of $31, plus or minus $1, on revenue of $50 billion, plus or minus $1 billion.Analysts expect EPS of $25.72 on revenue of $43.58 billion.The company maintained its quarterly dividend at $0.15 per share, payable July 21 to stockholders of record July 6.

$MU
International

Update: US Equity Indexes Mixed as Technology Drops, Crude Oil Sinks

(Updates with index/price moves and political news from the first paragraph.)US equity indexes traded mixed in the final leg of trading on Wednesday, as technology topped sector declines ahead of Micron Technology's (MU) quarterly results post-bell and crude oil plunged.The Nasdaq Composite fell 0.6% to 25,425.1, and the S&P 500 was down 0.2% to 7,350.2, giving up all intraday gains. The Dow Jones Industrial Average rose 0.4% to 51,869.3. Technology traded higher earlier in the session.Micron is set to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $20.83 per share on revenue of $35.85 billion.In geopolitical news, US Secretary of State Marco Rubio said technical talks with Iran are scheduled for next week in Geneva, Switzerland, with no tolls in the Strait of Hormuz set when a final deal is agreed on, according to a report from Al Jazeera, a Middle East news agency.Ships have begun sailing through the Strait of Hormuz under a new scheme by the International Maritime Organization to evacuate the trapped vessels, a spokesperson told Reuters on Wednesday. The initiative will enable hundreds of ships, with some 11,000 seafarers stranded in the Gulf, to sail through Hormuz.Front-month global benchmark North Sea Brent sank 5.2% to $73.12 per barrel, and the US West Texas Intermediate plunged 4.5% to $69.95 per barrel.Most US Treasury yields declined, with the 10-year down 8.3 basis points to 4.41%. The two-year rate dropped 4.6 basis points to 4.15%.In precious metals, gold futures dived 3.7% to $3,995.5, and silver futures plummeted 8.6% to $56.78.

Dow JonesNasdaq CompositeS&P 500$MU
Update: Equity Markets Mixed Intraday Ahead of Micron Results; Oil Sinks
US Markets

Update: Equity Markets Mixed Intraday Ahead of Micron Results; Oil Sinks

(Updates with latest market prices and developments.)US benchmark equity indexes were mixed intraday as markets awaited Micron Technology's (MU) latest quarterly results, while oil prices tumbled as tankers continued to move through the Strait of Hormuz.The Nasdaq Composite was down 0.4% at 25,479.2 after midday Wednesday, while the S&P 500 fell 0.2% to 7,347.6. The Dow Jones Industrial Average rose 0.2% to 51,767.7. Among sectors, energy saw the biggest drop, while consumer discretionary paced the gainers.Ahead of its results -- due after the closing bell Wednesday -- Micron shares were down 2.6%, following a 13% slump in the previous session amid a sell-off in chip-related stocks.Trip.com (TCOM), Jefferies Financial (JEF) and H. B. Fuller (FUL) are also scheduled to report after the markets close.KB Home (KBH) shares surged 17% after the homebuilder released its results. Builders FirstSource (BLDR) shares jumped 10%, the top gainer on the S&P 500.Paychex (PAYX) issued a fiscal 2027 outlook that implies slower growth in both profit and revenue. The human resources software provider's shares were down 1.5% intraday.West Texas Intermediate crude oil was down 4.2% at $70.17 a barrel, while Brent dropped 4.3% to $73.75, both off session lows.The price declines came as tankers continued to move through the crucial Strait of Hormuz after being trapped in the Persian Gulf due to the US-Israel war with Iran that started at the end of February.Three stranded tankers carrying about 5 million barrels of crude oil were exiting the narrow waterway Wednesday, with two heading to Asia, Reuters reported, citing shipping data."With shipping traffic steadily improving through the Strait of Hormuz, traders are increasingly focused on a growing queue of cargoes waiting to move," Saxo Bank said in a report.US President Donald Trump, in a social media post, criticized oil companies for "not dropping their prices at the pump commensurate with the sharply lower prices they are paying for oil." Trump said he had instructed the Department of Justice "to immediately start looking into this."Last week, the US and Iran signed a memorandum of understanding to end the war and reopen the Strait of Hormuz, a crucial chokepoint for crude flows that connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.US Secretary of State Marco Rubio is in the Persian Gulf region, seeking to sell the US-Iran deal to the Bahrain, Kuwait, and the United Arab Emirates, which are expected to be among its biggest skeptics, CNN reported Wednesday.US Treasury yields were lower intraday, with the 10-year rate down 9.8 basis points at 4.40% and the two-year rate falling 5.1 basis points to 4.15%.In economic news, new-home sales in the US unexpectedly declined last month as prices moved higher, government data showed."New home sales were much weaker than expected in May, but we think the pace of sales in May probably marks the bottom of what will be a noisy range over the next few months rather than the start of a more sustained decline," Oxford Economics said in a note. "We expect sales to improve later in the year based on our forecast for mortgage rates to move lower."Gold was down 3.5% to $4,004.30 per troy ounce, while silver slumped 6.9% to $57.78 per ounce.

Dow JonesNasdaq CompositeS&P 500$BLDR$FUL$JEF$KBH$MU$PAYX$TCOM
International

Update: US Equity Indexes Mixed Amid Gains in Consumer Discretionary, Industrials; Crude Oil Slumps

(Updates with index/price moves, macroeconomic data, and political/company news from the first paragraph.)US equity indexes were mixed, with consumer discretionary and industrials topping sector charts amid a sharp decline in crude oil prices and government bond yields.The Nasdaq Composite slipped 0.3% to 25,516.3, with the S&P 500 down 0.1% to 7,360.9, while the Dow Jones Industrial Average was higher by 0.4% to 51,867.3 on Wednesday afternoon.Health and materials were among the top gainers, while energy was the standout decliner.Front-month global benchmark North Sea Brent sank 3.4% to $74.22 per barrel, and the US West Texas Intermediate slid 3.6% to $70.61 per barrel.Ships have begun sailing through the Strait of Hormuz under a new scheme by the International Maritime Organization to evacuate the trapped vessels, a spokesperson told Reuters on Wednesday. The initiative will enable hundreds of ships, with some 11,000 seafarers stranded in the Gulf, to sail through Hormuz.US commercial crude oil stocks, excluding inventories in the Strategic Petroleum Reserve, declined by 6.1 million barrels during the week ended June 19, following an 8.3-million-barrel slump in the previous week, a steeper dive than the 3.6 million-barrel slide expected in a survey compiled by Bloomberg.The Senate for the first time approved a war powers resolution Tuesday seeking to block US military action against Iran, as lawmakers warily watch President Donald Trump's efforts to resolve a conflict that the administration launched on its own and now needs Congress to fund, the Associated Press reported.Most US Treasury yields declined, with the 10-year down 8.3 basis points to 4.41%. The two-year rate dropped 4.6 basis points to 4.15%.In company news, Micron Technology (MU) is set to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $20.83 per share on revenue of $35.85 billion.In economic news, US new-home sales decelerated to a 580,000 annual rate in May from an upwardly revised 626,000 rate in April, below the 640,000 rate expected in a Bloomberg-compiled survey. Home sales were down 6.8% from May 2025.Mortgage applications in the US increased as refinancing activity improved while home purchase demand edged lower, the Mortgage Bankers Association said. The market composite index, which measures loan application volume, increased 1% in the week ended June 19. On an unadjusted basis, the index decreased 10% compared with the previous week. This week's results include an adjustment for the Juneteenth holiday."Despite the elevated mortgage rates and overall economic uncertainty, mortgage application volume is running 8% above year-ago levels," said Mike Fratantoni, MBA's chief economist.In precious metals, gold futures dropped 3.1% to $4,020.51, and silver futures slumped 5% to $59.97.

Dow JonesNasdaq CompositeS&P 500$MU
Wire

Top Midday Stories: Wendy's Shares Soar on Reported Meme-Trader Frenzy; Broadcom, OpenAI Roll Out Jalapeno AI Chip

All three major US stock indexes rose around midday on Wednesday as oil prices fell and investors looked ahead to Micron Technology's (MU) earnings later in the day.President Donald Trump said on Truth Social that Wednesday's housing bill news conference and signing ceremony have been canceled until the SAVE America Act is passed.In company news, shares of Wendy's (WEN) surged as much as 42% as meme-stock traders rushed to buy the heavily shorted stock, multiple media outlets reported. The shares climbed 24% around midday.Broadcom (AVGO) and OpenAI unveiled Jalapeno, OpenAI's first intelligence Processor. Shares of Broadcom rose 1.5%.SpaceX (SPCX) said late Tuesday it priced its inaugural offering of $7 billion of 5.35% senior notes due 2031, $6 billion of 5.65% senior notes due 2033, $6 billion of 5.875% senior notes due 2036, $2.5 billion of 6.6% senior notes due 2046, and $3.6 billion of 6.65% senior notes due 2056. SpaceX shares rose 1.5%.Hertz Global Holdings (HTZ) said in a regulatory filing that "current unexpected softness" in the market for used cars has caused it to realize losses on the sale of vehicles in May, which will adversely impact net depreciation per unit per month in Q2. Separately, the company said it plans to offer $300 million in aggregate principal amount of exchangeable senior first-lien secured PIK Notes due 2030. Hertz shares tumbled 32%.Cerebras Systems (CBRS) reported a Q1 net loss late Tuesday of $0.22 per diluted share, narrowing from a loss of $0.46 a year earlier. Analysts surveyed by FactSet expected a loss of $0.16. Revenue rose to $193.4 million from $99.5 million, topping the consensus of $181.2 million. Still, the shares fell 16%.Price: $1044.90, Change: $-6.87, Percent Change: -0.65%

$AVGO$CBRS$HTZ$MU$SPCX$WEN
International

Update: US Equity Futures Edge Higher Pre-Bell as Tech Stocks Rebound, Oil Prices Fall

(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures edged higher pre-bell Wednesday as technology stocks rebounded after a broad sell-off in the sector, and oil prices continued to decline.S&P 500 futures were up 0.2%, Nasdaq futures were 0.4% higher, and Dow Jones Industrial Average futures were steady.Micron Technology (MU) stock was up 3.8% in premarket activity after falling 13% on Tuesday. The company is set to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $20.83 per share on revenue of $35.85 billion.President Donald Trump, in a post on Truth Social, called out oil companies for not lowering gasoline pump prices amid the recent drop in crude prices and said he has instructed the US Department of Justice to look into the issue. "Gasoline prices better start going down a lot faster than what I'm seeing!" Trump said.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.8% at $74.64 per barrel and US West Texas Intermediate crude 2.9% lower at $71.07 per barrel.May new home sales, due at 10 am ET, are seen at 640,000, up from 622,000 previously, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.9% lower, Hong Kong's Hang Seng ended 0.3% higher, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was up 0.2%, and Germany's DAX index was 0.9% lower in Europe's early afternoon session.In equities, shares of AMD (AMD), Intel (INTC), ARM (ARM) were higher as part of a wider rebound in technology stocks. AMD shares rose 0.8%, Intel stock was up 1%, and ARM shares were 3% higher.On the losing side, BHP (BHP) stock was down 1.7% after Australian labor unions representing Port Hedland workers said that they have not yet reached an agreement with the company on wages and working conditions. FedEx (FDX) shares fell 6.1% after the company provided a calendar-year earnings outlook below analysts' consensus. Cerebras Systems (CBRS) stock was down more than 9% after the company posted a worse-than-expected Q1 net loss.

Dow JonesNasdaq CompositeS&P 500$AMD$ARM$BHP$CBRS$FDX$INTC$MU
Japan

US Equity Futures Edge Slightly Higher Pre-Bell as Tech Stocks Rebound, Oil Prices Decline

US equity futures were slightly higher pre-bell Wednesday as technology stocks rebounded after a broad sell-off in the sector, and oil prices continued to decline.Dow Jones Industrial Average futures were flat, S&P 500 futures were up 0.2%, and Nasdaq futures were 0.4% higher.Micron Technology (MU) stock was up 3.9% in premarket activity after falling 13% on Tuesday. The company is set to report its fiscal Q3 earnings after the market closes. Analysts polled by FactSet expect earnings of $20.83 per share on revenue of $35.85 billion.President Donald Trump, in a post on Truth Social, called out oil companies for not lowering gasoline prices in line with the recent drop in crude prices, saying that he has instructed the US Department of Justice to look into the issue. "Gasoline prices better start going down a lot faster than what I'm seeing!" Trump said.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 2.2% at $75.13 per barrel and US West Texas Intermediate crude 2.4% lower at $71.47 per barrel.May new home sales, due at 10 am ET, are seen at a 640,000 annual rate, up from 622,000 previously, according to estimates compiled by Bloomberg.

Dow JonesNasdaq CompositeS&P 500$MU
Stocks Mostly Up Pre-Bell Ahead of Micron's Latest Financial Results
US Markets

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.

Dow JonesNasdaq CompositeS&P 500$FDX$FUL$INTC$JEF$MU$NVDA$PAYX$QCOM$TCOM$WEN
Asia Markets

Update: US Equity Indexes Decline Amid Hard Sell-Off in Chipmakers

(Updates with index/price moves and analysts' comments from the first paragraph.)US equity indexes slumped as profit-taking in mega-cap semiconductor names pushed the Nasdaq Composite and the S&P 500 sharply lower on Tuesday.The tech-heavy Nasdaq sank 2.2% to 25,587.04, the S&P 500 dived 1.4% to 7,365.46, and the Dow Jones Industrial Average slipped less than 0.1% to 51,666.84 at the close. Technology, industrials, and materials were the standout decliners, while consumer staples, real estate, and health care topped the gainers.In a category of stocks with a market capitalization of over $200 billion, 18 out of the 20 worst-performing stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Arm (ARM) were the steepest decliners, sinking by at least 10% each. Within technology, semiconductors bore the brunt of investors' apathy.The sharp selling is likely profit-taking after market exuberance pushed tech stocks to record highs this year, Javier Correonero, Morningstar senior equity analyst, said in a news report published on the company's website. "There's a lot of froth in the markets."Tech stocks may face spillover impact from the selloff in South Korea, though the slide appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note."We view the KOSPI sell-off as a pullback/breather on a market up almost 100% this year and also believe [SK Hynix, an affiliate of SK Telecom (SK)] overtaking Samsung was a big symbolic move that caused some investors to worry about an 'overheated' memory chip trade," Wedbush analysts, including Dan Ives, said in the note.Offering a different viewpoint on market moves, the Wells Fargo Investment Institute said in a research note that stocks often weaken before elections, referring to the US midterm polls in November. "Markets typically respond to a clearer policy outlook, so long-term investors should stay focused on fundamentals and consider adding equity exposure during election-driven pullbacks."In geopolitical news, President Donald Trump told reporters outside the White House that International Atomic Energy Agency inspectors will be heading to Iran, according to a report from Al Jazeera. In response to a journalist who said that Tehran claims that there are no scheduled IAEA visits, Trump said: "They're wrong, they know they're wrong. They told us inside, and we have it down 100 percent. If they were right, I'd cancel the meetings right now."Separately, Iran's President Masoud Pezeshkian said no negotiations will take place on the country's ballistic missiles, Al Jazeera reported.Front-month global benchmark North Sea Brent retreated 1.2% to $76.95 per barrel, and the US West Texas Intermediate slid 1% to $73.13 per barrel, with both crude oil types off session lows.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Most US Treasury yields fell, but were off session lows. The 10-year slipped one basis point to 4.5%, and the two-year rate declined 2.7 basis points to 4.2%.In precious metals, gold futures dropped 1.8% to $4,129.00, and silver futures slumped 6.1% to $62.01.

Dow JonesNasdaq CompositeS&P 500$ARM$MU$SNDK
Update: Nasdaq Posts Sharpest Drop in 2 Weeks as Chip Stocks Slide
US Markets

Update: Nasdaq Posts Sharpest Drop in 2 Weeks as Chip Stocks Slide

(Updates with market moves at the end of the day.)The Nasdaq Composite fell the most in more than two weeks on Tuesday amid a sell-off in chip-related stocks, including Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq dropped 2.2% to 25,587, the sharpest decline since June 5. The S&P 500 fell 1.4% to 7,365.5, the biggest loss since June 10. The Dow Jones Industrial Average eased 0.1% to 51,665.8.Among sectors, tech posted the largest decline, shedding 3.7%, while consumer staples led the gainers.Nvidia shares slumped 4.1%, the biggest drop on the Dow. Sandisk (SNDK) tumbled 14%, the largest decline on the S&P, followed by Micron, down 13%. On Semiconductor (ON) and Marvell Technology (MRVL) also slumped.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.With Micron set to report earnings Wednesday, Wedbush cited "some added nervousness on the important memory chip trade.In company news, IBM (IBM) shares rose 5%, the biggest gain on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models.Korn Ferry (KFY) reported higher fiscal fourth-quarter results, though the consulting firm issued an outlook calling for lower earnings in the current quarter. The shares jumped 5.8%.West Texas Intermediate crude oil slipped 0.7% to $73.31 a barrel, while Brent lost 1.1% to $77.08.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.US Treasury yields were lower, with the two-year rate last down 3.2 basis points at 4.21% and the 10-year rate falling two basis points to 4.50%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.5% at $4,139.80 per troy ounce, while silver slumped 6% to $61.64 per ounce.

Dow JonesNasdaq CompositeS&P 500$IBM$KFY$MRVL$MU$NVDA$ON$SNDK$SPGI
International

US Equity Markets End Lower as Tech Stocks Fall

US equity indexes ended lower on Tuesday after steep declines in mega-cap semiconductor and other tech stocks.* The June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.* Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.* August West Texas Intermediate crude oil fell $0.54 to settle at $73.32 per barrel, while August Brent crude, the global benchmark, was last seen down $0.82 at $77.08.* International Business Machines (IBM) shares gained 5%, the top gainer on the Dow, after the company said late Monday it joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service. Morgan Stanley raised its price target to $267 from $225, while keeping its equalweight rating.* Sandisk (SNDK) was down nearly 14%, the worst performer on the S&P 500 and Nasdaq, accompanied by Micron Technology (MU), Arm (ARM), and other major tech firms with a market cap of over $200 billion. Tech stocks may face spillover impact from the selloff in South Korea, though the slide appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note.

Dow JonesNasdaq CompositeS&P 500$ARM$IBM$MU$SNDK
Japan

Update: US Equity Indexes Mixed Amid Hard Sell-Off in Chipmakers

(Updates with index/price moves, macroeconomic data, and analysts' comments from the first paragraph.)US equity indexes traded mixed as plunging mega-cap semiconductor shares sent the Nasdaq Composite and the S&P 500 sharply lower ahead of Tuesday's close.The Nasdaq Composite slumped 2% to 25,648.8, and the S&P 500 dropped 1.3% to 7,376.1. The Dow Jones Industrial Average was little changed at 51,698.5 in the final leg of trading.Technology, industrials, and materials were the standout decliners, while consumer staples, real estate, and health care topped the gainers.In a category of stocks with a market capitalization of over $200 billion, 17 out of the 20 worst-performing stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Arm (ARM) were the steepest decliners, sinking by at least 9.9% each ahead of the close. Within technology, semiconductors bore the brunt of investors' apathy.The sharp selling is likely profit-taking after market exuberance pushed tech stocks to record highs this year, Javier Correonero, Morningstar senior equity analyst, said in a news report published on the company's website. "There's a lot of froth in the markets."Tech stocks may face spillover impact from the selloff in South Korea, though the slide appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note.Expectations that the Federal Reserve will raise interest rates later this year have weighed on stocks in recent sessions, according to the Morningstar news report. The CME FedWatch tool shows a 33% probability that the target rate for fed funds will be raised to 4% to 4.25% by December, from 3.5% to 3.75% currently, implying a 50-basis-point increase between now and the end of the year.In geopolitical news, President Donald Trump told reporters outside the White House that International Atomic Energy Agency inspectors will be heading to Iran, according to a report from Al Jazeera. In response to a journalist who said that Tehran claims that there are no scheduled IAEA visits, Trump said: "They're wrong, they know they're wrong. They told us inside, and we have it down 100 percent. If they were right, I'd cancel the meetings right now."Separately, Iran's President Masoud Pezeshkian said no negotiations will take place on the country's ballistic missiles, Al Jazeera reported.Front-month global benchmark North Sea Brent retreated 1% to $77.13 per barrel, and the US West Texas Intermediate slid 0.7% to $73.31 per barrel, off session lows.

Dow JonesNasdaq CompositeS&P 500$ARM$MU$SNDK
Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off
US Markets

Update: Equity Markets Mostly Fall Intraday Amid Tech Sell-Off

(Updates with latest market prices and developments.)US benchmark equity indexes were mostly lower intraday amid a sell-off in the technology sector led by big names such as Nvidia (NVDA) and Micron Technology (MU).The tech-heavy Nasdaq Composite was down 1.5% at 25,767.5 after midday Tuesday, while the S&P 500 fell 1% to 7,400.6. The Dow Jones Industrial Average edged up 0.3% to 51,845.6. Among sectors, tech saw the steepest decline, down 2.8%, while consumer staples paced the gainers.Within tech, semiconductor stocks were the notable laggards, with Nvidia shares down 3.1%, the second-worst performer on the Dow. Sandisk (SNDK) slid 13%, the biggest drop on the S&P 500. On Semiconductor (ON) and Qualcomm (QCOM) were also sharply lower.Micron followed Sandisk on the S&P 500, down nearly 12%.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 nearly doubled this year, Wedbush Securities said."With Micron set to report earnings this (Wednesday), there is some added nervousness on the important memory chip trade and, along with technical triggers, is adding to some nervousness among tech investors," the brokerage said in a note.In company news, IBM (IBM) shares were up 4.8% intraday Tuesday, the best performer on the Dow. The computer maker joined the OpenAI Daybreak Cyber Partner Program and launched a new application-security service that uses OpenAI's models to help enterprises identify and validate software vulnerabilities, it said late Monday.Korn Ferry (KFY) on Tuesday reported higher fiscal fourth-quarter results, although the consulting firm issued an outlook calling for lower earnings in the current quarter. The company's shares were up 5.4%.Parcel delivery giant FedEx (FDX) is scheduled to report results after the closing bell Tuesday.West Texas Intermediate crude oil slipped 0.8% to $73.27 a barrel intraday, while Brent lost 1% to $77.15.US President Donald Trump said 19 million barrels of oil flowed out of the Strait of Hormuz yesterday, marking an all-time record. "Oil prices are tumbling down," Trump said Tuesday.In a separate social media post, Trump said he has agreed to allow the strait to remain open, with no further naval blockade. "However, all ships are remaining in place should it be necessary to reinstitute the Blockade, which seems, at this point, highly unlikely," the president said.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 its biggest skeptics, CNN reported.US Treasury yields were lower intraday, with the two-year rate down 4.3 basis points at 4.20% and the 10-year rate falling 2.8 basis points to 4.47%.In economic news, US private-sector output rose in June at the fastest pace in five months amid a solid expansion in the manufacturing sector, S&P Global (SPGI) said."Brighter news out of the Middle East has helped restore some confidence among US businesses in June, though the overall rate of economic growth signaled by the flash PMI survey remains relatively sluggish compared to that seen earlier in the year in the lead up to the conflict," S&P Global Market Intelligence Chief Business Economist Chris Williamson said.Manufacturing activity in the US Mid-Atlantic region fell more than projected in June, with shipments, new orders and employment all weakening sequentially, data from the Federal Reserve Bank of Richmond showed.Gold was down 1.3% at $4,147.80 per troy ounce, while silver slumped 5.4% to $62.02 per ounce.

Dow JonesNasdaq CompositeS&P 500$FDX$IBM$KFY$MU$NVDA$ON$QCOM$SNDK$SPGI
Asia Markets

Update: US Equity Indexes Mixed as Mega-Cap Sell-Off Sends Nasdaq, S&P 500 Sliding

(Updates with index/price moves, macroeconomic data, and analysts' comments from the first paragraph.)US equity indexes traded mixed as a rout in heavyweight semiconductor names hit the Nasdaq Composite and the S&P 500 in Tuesday's midday trading.The Nasdaq Composite slumped 1.4% to 25,803.1, and the S&P 500 dropped 0.9% to 7,403.2 intraday. The Dow Jones Industrial Average rose 0.2% to 51,821.7.Technology and industrials were the standout decliners, while consumer staples and real estate topped the gainers intraday.In a category of stocks with a market capitalization of over $200 billion, 17 out of the bottom 20 stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Qualcomm (QCOM) were the steepest decliners, sinking by at least 9% each intraday. Within technology, semiconductors bore the brunt of investors' apathy.Tech stocks may face spillover impact from the selloff in South Korea, though the slide appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note. South Korea's Korea Composite Stock Price Index, which was up roughly 90% year-to-date, fell about 10% on Tuesday, the brokerage said in a note."We view the KOSPI sell-off as a pullback/breather on a market up almost 100% this year and also believe [SK Hynix, an affiliate of SK Telecom overtaking Samsung was a big symbolic move that caused some investors to worry about an 'overheated' memory chip trade," Wedbush analysts, including Dan Ives, said in the note.Offering a different viewpoint, the Wells Fargo Investment Institute said in a research note that stocks often weaken before elections, referring to the US midterm polls in November. However, history shows those declines have often been followed by strong rebounds and better returns in the year after midterm results are known."Markets typically respond to a clearer policy outlook, so long-term investors should stay focused on fundamentals and consider adding equity exposure during election-driven pullbacks," the WFII note said.In geopolitical news, the Strait of Hormuz will remain open "with no further naval blockade," and Iran has agreed to the "highest level nuclear inspections," Al Jazeera cited US President Donald Trump as saying. Tehran has no plans to allow international inspections of its nuclear facilities, the Middle East news agency cited Iran's Foreign Affairs Ministry spokesman Esmaeil Baghaei as saying.Front-month global benchmark North Sea Brent retreated 1.32% to $76.86 per barrel, and the US West Texas Intermediate slid 1.3% to $72.93 per barrel.In economic news, the June flash reading of manufacturing conditions from S&P Global rose to a 49-month high of 55.7 from 55.1 in May, in contrast with an expected decrease to 54.6 in a survey compiled by Bloomberg.Redbook US same-store sales surged 10% from a year earlier in the week ended June 20 after a 9.4% year-over-year increase in the previous week.Most US Treasury yields declined, with the 10-year down 2.8 basis points to 4.48%. The two-year rate dropped 4.7 basis points to 4.18%.In precious metals, gold futures dropped 1% to $4,159.10, and silver futures slumped 5.2% to $62.65.

Dow JonesNasdaq CompositeS&P 500$MU$QCOM$SNDK
Japan

Update: US Equity Indexes Mixed Amid Mega-Cap Chip Rout

(Updates with index/price moves and political/company news from the first paragraph.)US equity indexes traded mixed as a sharp sell-off in mega-cap semiconductor names weighed on the Nasdaq Composite and the S&P 500.The Nasdaq Composite slumped 1.4% to 25,794.7, and the S&P 500 dropped 0.9% to 7,402.5 in midday trading Tuesday. The Dow Jones Industrial Average rose 0.2% to 51,822.5.Technology and industrials were the standout decliners intraday.In a category of stocks with a market capitalization of over $200 billion, 17 out of the bottom 20 stocks were technology firms. Sandisk (SNDK), Micron Technology (MU), and Qualcomm (QCOM) were the steepest decliners, down by at least 10% intraday. Within technology, semiconductors bore the brunt of investors' apathy.In geopolitical news, the Strait of Hormuz will remain open "with no further naval blockade," and Iran has agreed to the "highest level nuclear inspections," Al Jazeera cited US President Donald Trump as saying. Tehran has no plans to allow international inspections of its nuclear facilities, the Middle East news agency cited Iran's Foreign Affairs Ministry spokesman Esmaeil Baghaei as saying.Front-month global benchmark North Sea Brent retreated 1.1% to $77.07 per barrel, and the US West Texas Intermediate slid 0.9% to $73.21 per barrel.

Dow JonesNasdaq CompositeS&P 500$MU$QCOM$SNDK
Wire

Micron Poised to Benefit From Robust Demand, BofA Says

Micron Technology (MU) is poised to benefit from robust demand and limited supplies for AI memory through 2028, BofA Securities said in a Tuesday report.The report said memory capacity and bandwidth are increasingly becoming a bottleneck in AI inference, as opposed to historically compute most often being the bottleneck.The raw demand for memory is increasing faster than various software/hardware abilities to compress and/or distill the amount of memory used during the inference process, it said.The note also pointed to supply elasticity of memory is structurally increasingly lower due to limited capital, packaging, power, and geopolitics.BofA analysts raised their sales and EPS estimates for Micron based on pricing trends and long-term contract visibility.BofA reiterated its buy rating on the stock and boosted its price objective to $1,500 from $950.Price: $1102.20, Change: $-109.18, Percent Change: -9.01%

$MU
Tech, Chip Selloff Presents Buying Opportunity, Wedbush Says
US Markets

Tech, Chip Selloff Presents Buying Opportunity, Wedbush Says

Technology stocks may face spillover impact from the recent sharp selloff in South Korea, though the decline appears to be a "pullback/breather" in a market that nearly doubled this year, Wedbush Securities said in a note on Tuesday.The brokerage noted that South Korea's Korea Composite Stock Price Index (KOSPI), which was up roughly 90% year to date, fell about 10% on Tuesday."We view the KOSPI sell-off as a pullback/breather on a market up almost 100% this year and also believe SK overtaking Samsung was a big symbolic move that caused some investors to worry about an 'overheated' memory chip trade," Wedbush analysts including Dan Ives said.The analysts said investors should expect periodic "gut check moments" as the technology sector digests rapid gains tied to AI-related spending."Our recent Asia checks and overall AI enterprise demand tracking have accelerated over the past few months and are showing no cracks in the armor which continue to make us very bullish on owning the tech AI winners over the coming year," Ives said.The selloff has heightened investor "nervousness" ahead of earnings from Micron Technology (MU) on Wednesday, as investors closely watch the memory-chip sector, with Ives describing memory-chip companies such as Micron, SK Hynix and Samsung as the "golden jewels" of the AI-driven rally.Wedbush also pointed to Monday's selloff in Alphabet (GOOG, GOOGL) shares, which the brokerage said gained momentum after reports that DeepMind researcher and Nobel Prize-winning scientist John Jumper left the company for Anthropic."This is an AI arms race and we will continue to see a plucking of talent across Silicon Valley over the coming years with Anthropic on offense mode," Ives wrote.Price: $1118.56, Change: $-92.82, Percent Change: -7.66%

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