Wall Street is heading into the close on Wednesday with two things on its mind: the Fed's favorite inflation gauge and Micron Technology. According to Bloomberg, US stocks paused ahead of both, with the inflation data key for interest rates and Micron's report key for the AI trade. Micron reports fiscal fourth-quarter results after the closing bell, and a big move in either direction could ripple into Asian chip stocks when markets open in the morning. The Numbers, Verified Across Sources What Micron guided (SEC filing): For the quarter ending in August, Micron told investors to expect revenue of $50 billion, give or take $1 billion, non-GAAP earnings of $31 per share, give or take $1, and a gross margin of about 86%. What analysts expect (Alphastreet, 33 analysts): Consensus sits at $31.56 per share on $51.20 billion in revenue, slightly above the top half of Micron's own guidance range. Estimates are wide, running from $28.04 to $37.44 per share for earnings and from...
Monday’s rejection of an Iranian proposal to reopen the Strait of Hormuz has put oil markets back under pressure. Reuters and Euronews reports published Monday point to renewed risks for global energy supplies, with investors also watching what higher oil prices could mean for inflation, interest rates and financial markets. What Trump Rejected According to Reuters, President Donald Trump rejected an Iranian proposal aimed at ending the conflict and reopening the Strait of Hormuz. Iran’s proposal involved a seven-day truce and reopening the strategically important shipping route, while Iran has said reopening the strait depends on conditions including an easing of U.S. military pressure and the lifting of the naval blockade. Trump said Iran wants a deal, but not the deal he wants. At the same time, Trump indicated that further negotiations could take place this week. Euronews reported that indirect talks between Washington and Tehran could potentially resume, although the two sides rem...