New day, same market drama
Wall Street spent Tuesday taking a lap in the pain cave, with the S&P 500 falling 1.44% as semiconductor and memory-chip stocks got dragged lower. But traders are already eyeing a rebound at Wednesday’s open, because apparently the market can go from doom scroll to bargain hunt before breakfast.
The real thing everyone’s watching
Micron’s earnings after Wednesday’s close are the big test here. If you want to know whether the AI-memory trade is just taking a breather or actually cracking, MU is the stock to watch. Sandisk is getting some of the sympathy bid too, which tells you the whole memory corner is being treated like one giant stress ball right now.
Inflation, oil, and the usual macro soup
There’s also a fresh pile of macro mush on deck:
- Thursday’s PCE inflation report, the Fed’s favorite price gauge
- May building permits and new home sales
- Lower oil prices, with Brent slipping under $76 a barrel
- Ongoing chatter around Hormuz traffic and U.S.-Iran talks
So yes, equities may get a little help if oil keeps cooling and inflation stays tame. But if PCE comes in hot, the market could go from “we’re fine” to “actually, maybe not” in about 12 minutes.
Big picture
This is one of those days where the index open, chip earnings, and inflation data all point at each other like Spider-Man memes. The bounce case is alive, but nobody’s exactly acting calm.