Micron’s earnings surprised many investors. The company reported results that were higher than analysts expected, and the shares jumped more than 12% after the market closed.
The Nasdaq fell more than 2% on Tuesday, dragging down many semiconductor and memory stocks. By Wednesday the market tried to recover, but the rally faded in the afternoon.
Market Close Numbers
- S&P 500: 7,358.22 (‑0.10%)
- Nasdaq Composite: 25,476 (‑0.43%)
- Dow Jones Industrial: 51,848.90 (+0.35%)
The Nasdaq ended the day below its 50‑day simple moving average, a level that has helped the index bounce in the past.
QQQ Technical Snapshot
The QQQ ETF is still above its 50‑day SMA, but it fell under the 21‑day exponential moving average, which is now pointing down. Trading volume was only a little higher, showing no sign of panic selling.
Both the Relative Strength Index and the Percentage Price Oscillator show weaker momentum, yet neither is in oversold territory.
Broader Market Breadth
For the Nasdaq and the Dow, market breadth looks neutral. The S&P 500, the S&P 400 Mid‑Cap, and the S&P 600 Small‑Cap all show a bullish tilt. Small‑cap and mid‑cap stocks are holding up well, with the S&P 600 reaching a new high.
The CBOE Volatility Index (VIX) stayed below 20, finishing at 18.63.
Inflation and Rate Outlook
Tomorrow’s May PCE report will give clues about future interest‑rate moves. A hotter number could push Treasury yields up and weigh on stocks.
Yesterday, Treasury yields fell. The 10‑year yield dropped more than 2% and slipped below its 50‑day SMA. The market now sees about a 50% chance of a quarter‑point rate hike in September.
Lower yields helped rate‑sensitive sectors such as homebuilders, retail and regional banks.
Oil Prices Pull Back
Both Light Crude and Brent are trading below their 200‑day SMAs. Prices are near the low seen on March 2, 2026, the first day after the U.S.–Iran conflict began.
Bottom Line
If Micron’s stock keeps climbing, it could lift other tech and semiconductor stocks. The final direction will depend on the PCE data and how oil prices move.
We will watch the intraday charts of QQQ, SPY, MU and crude oil, as well as Treasury yields, before the market opens on Thursday.
Disclaimer: This content is for educational purposes only and does not constitute financial advice.
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