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 the Trump-Xi summit generated plenty of spectacle but comparatively little concrete substance. That assessment now has a genuine counterpoint. The U.S. and China have agreed to pursue tariff cuts on $60 billion worth of goods traded between the two countries the kind of specific, verifiable progress that was largely missing from the summit itself. What Was Actually Agreed Detail Information Total Trade Value Covered $60 billion ($30B from each side) US Products Included Corn, cosmetics China Products Included Toys, household appliances US Export Access Unlocked ~30% of US exports to China Broader Tariff Truce Extended through January 2027 Still Unresolved Soybeans, chip export controls, tech transfer rules According to Japan Times, both countries have each recommended $30 billion of trade in "nonsensitive goods" for more favorable tariff treatment, under what's being called the U.S.-China Board of Trade. U.S....