Micron little changed after earnings beat and upbeat guidance
AI Market Summary
The S&P 500 extended losses for a third session as hopes for a dovish Fed faded despite benign core PCE. Longer-dated Treasury yields pushed to multiyear highs, tightening financial conditions and weighing on rate-sensitive sectors, with only tech finishing green. Equity futures are modestly higher, but the muted after-hours response to Micron's earnings beat and strong guidance suggests macro rates, not fundamentals, are dominating near-term risk appetite.
Impact level
● Medium
Affected assets
NCSISP5002USD/USDT-0.36%
AI Insight · NCSISP5002USD/USDTAI Insight
▼ Bearish
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The S&P 500 fell for a third straight session after optimism about a less aggressive Federal Reserve faded into the close despite benign PCE inflation data. Softer core PCE tempered expectations for an October rate hike, but Treasury yields continued to climb, with the 10-year and 30-year hitting multiyear highs of 5.30% and 5.65%. U.S. equity index futures edged up in evening trading, with S&P e-minis and Nasdaq 100 contracts both up 0.2%. Micron topped earnings and revenue estimates and issued strong next-quarter guidance, though the market response was muted.
