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...
A few days ago, we covered how hopes for an Iran ceasefire sent oil prices lower and gave markets a much-needed sense of relief after a brutal week of surging bond yields. That optimism didn't last. Reports emerging this weekend show President Trump has rejected Iran's conditional ceasefire proposal and according to The Wall Street Journal, he's now telling aides he expects to resume bombing the country after November's midterm elections. What Actually Happened Iran had proposed a conditional plan: reopen the strategically vital Strait of Hormuz within seven days and restart nuclear negotiations, provided the U.S. accepted certain conditions. Trump rejected that proposal. The Journal's report, citing unnamed U.S. officials, indicates Trump now views renewed military action against Iran as the more likely path forward once the midterm elections have passed. Separately, Saudi-backed coalition forces intercepted projectiles over the weekend, underscoring that the b...