Micron Sparks Wall Street Futures Rally as Asian Stocks Surge

US futures pointed sharply higher, with Nasdaq 100 futures up 2% and S&P 500 futures up 0.6%, while Dow futures were flat. The move followed another mixed Wall Street session in which the Nasdaq fell 0.4%, the S&P 500 slipped 0.1%, and the Dow rose 0.5%. Semiconductor stocks remained under pressure, with the SOXX ETF down 0.3% after losing about 8% on Tuesday. Nvidia, AMD, Marvell, Western Digital and SanDisk were among the decliners.

Micron drew the most attention. The stock fell more than 4% before earnings, then surged more than 10% in after-hours trading after the company beat estimates. Micron reported second-quarter revenue of $41.46 billion versus analysts’ expectations of $35.6 billion, and earnings of $25.11 per share versus a forecast of $20.5. That marked year-on-year profit growth of 1,215%, from $1.91 per share a year earlier. Qualcomm also jumped 14% after lifting its forecast for non-mobile revenue in fiscal 2029 to $40 billion from $22 billion.

Technology megacaps were mostly weaker on Wednesday, including Nvidia, Tesla, Microsoft, Alphabet and Meta. Apple was roughly unchanged and Amazon edged higher. RGA Investments chief investment officer Rick Gardner told CNBC the pullback was healthy because valuations had become “too stretched,” adding that investors are resetting expectations ahead of July earnings season.

Bonds rallied as oil prices slumped about 4%. The 10-year Treasury yield dropped more than 8 basis points to 4.403%, the 30-year yield fell to 4.856%, and the two-year yield slid to 4.152%. The decline reflected lower oil prices and diplomatic progress that eased inflation fears. Oil futures fell to their lowest levels since late February, with WTI briefly below $70 a barrel and Brent down 4.2% to $73.83. President Donald Trump accused oil companies of not passing on cheaper crude to drivers, while Columbia University’s Karen Young called that reaction “political theater,” saying retail fuel prices take weeks to adjust.