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...
Wall Street closed lower on Monday, and Tuesday opened quiet rather than calm. US stocks were little changed in early trading, European shares edged higher, and Asia ended mixed, with Japan the weak spot. The common thread is the same one behind most of this month's volatility: Treasury yields. The Numbers, Verified Across Sources Monday's close (CNBC, Yahoo Finance, Zacks): The S&P 500 dropped roughly 0.8% to 7,683.69. The Nasdaq Composite lost about 0.9%, and the Dow Jones Industrial Average fell by more than 300 points. Decliners outnumbered advancers on the NYSE by 3.55 to 1, and the VIX volatility index rose 8.1% to 16.07. Tuesday's early picture (CNBC): Futures were close to flat overnight, with Dow futures up only 19 points. Once trading began, stocks were little changed and the Dow was down about 50 points, or 0.1%. Treasury yields (CNBC): The 10-year yield was around 5.26%, still near levels not seen since 2007. The 30-year yield was near 5.59%, close to...