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...
After a brutal week of surging bond yields and market volatility, Wall Street finally caught a break on Friday and the trigger wasn't a Fed announcement or an earnings report. It was hope for peace. What Happened Lower oil prices took some heat off Treasury yields too, which had [spiked to their highest levels in nearly two decades] earlier in the week. The New York Times reported that Iran has proposed a plan to end its ongoing conflict, fueling hopes of a diplomatic breakthrough in the region. The reaction was immediate: oil prices dropped, with Brent crude settling around $104, easing the inflation pressure that had been partly responsible for this month's aggressive bond market selloff. Lower oil prices took some heat off Treasury yields too, which had spiked to their highest levels in nearly two decades earlier in the week. Stocks rallied on the news, helping the S&P 500 close out a genuinely volatile week on a positive note. Why This Connects to Everything Else Th...