A trader works on the floor of the New York Stock Exchange.
NYSE
U.S. stock futures were near flat Tuesday night as traders looked ahead to the release of Micron Technology‘s earnings.
S&P 500 futures and Nasdaq 100 futures slipped less than 0.1%. Futures tied to the Dow Jones Industrial Average fell 45 points, or roughly 0.1%.
Shares of Micron and Sandisk were both up about 1% in extended trading. The two memory stocks tumbled 13% in the regular session. The Roundhill Memory ETF (DRAM), down 14% in the regular session, gained 2%.
Alphabet also traded marginally higher after S&P Global said the Google parent would join the 30-stock Dow ahead of trading next Monday.
A rout in the technology sector dragged the S&P 500 and tech-heavy Nasdaq Composite lower on Tuesday, with the averages losing 1.44% and 2.21%, respectively. The blue-chip Dow Jones Industrial Average shed 45.87 points, or 0.09%.
Asia-Pacific markets traded mixed Wednesday as investors assessed whether a rebound in technology shares could stabilize sentiment after a sharp Wall Street sell-off triggered steep losses across the region a day earlier.
Japan’s Nikkei 225 was down 0.2%, while South Korea’s Kospi jumped over 3% after posting a 10% decline the day before. In Australia, the S&P/ASX 200 edged up 0.3%.
Hong Kong’s Hang Seng index was up 0.6%, while the mainland CSI 300 was little changed.
Investors sold off semiconductor-adjacent stocks in Tuesday’s session, with the VanEck Semiconductor ETF (SMH) ending the day 7% lower. Intel fell 6%, and Qualcomm shed 8%. Traders rotated into more defensive names, lifting Walmart nearly 2% and boosting tech stalwart IBM 5%.
Arguments around technical positioning exhaustion “may be true, but I would argue there might be some fundamental risk emerging as well,” said Dan Skelly, head of market research and strategy at Morgan Stanley Wealth Management, on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon.
“We’ve heard about pricing wars among some of the model builders, we’ve heard about rental prices for old GPUs starting to decline, and we’ve also seen a shift in tone from Microsoft, who led the AI launch three years ago with ChatGPT and their partnership with Open AI,” he added. “Microsoft [is] now talking about a change in strategic direction for lower-cost models.”
Micron will report its latest earnings after the market closes on Wednesday. Analysts polled by FactSet see earnings of $20.83 per share on revenue of $35.75 billion.
Micron has had an astronomical run in 2026, with shares hitting a new all-time high on Monday and ending Tuesday at $1,051.77 per share. But Jay Woods, chief market strategist at Freedom Capital Markets, warned the stock could fall after the earnings report.
It might go “down to $1,000. That’s going to sound like a big drawdown, but it’s something that traders will be watching as it starts to get in line with this 20-day moving average,” he said.
Paychex will report earnings before Wednesday’s opening bell. Investors will also watch for building permits and new home sales readings for May.
