A trader works on the floor of the New York Stock Exchange.
NYSE
U.S. stock futures were near flat Tuesday night as traders looked ahead to the release of Micron Technology‘s earnings.
S&P 500 futures and Nasdaq 100 futures slipped less than 0.1%. Futures tied to the Dow Jones Industrial Average fell 45 points, or roughly 0.1%.
Shares of Micron and Sandisk were both up about 1% in extended trading. The two memory stocks tumbled 13% in the regular session. The Roundhill Memory ETF (DRAM), down 14% in the regular session, gained 2%.
Alphabet also traded marginally higher after S&P Global said the Google parent would join the 30-stock Dow ahead of trading next Monday.
A rout in the technology sector dragged the S&P 500 and tech-heavy Nasdaq Composite lower on Tuesday, with the averages respectively losing 1.44% and 2.21%. The blue-chip Dow Jones Industrial Average shed 45.87 points, or 0.09%.
Asia-Pacific markets were set to fall on Wednesday, tracking Wall Street losses as a tech sell-off that began during the prior session picked up steam overnight. Japan’s Nikkei 225 was poised to fall, with the Chicago futures contract at 69,425 and its Osaka counterpart last trading at 69,290, compared with the index’s previous close of 69,788.38.
Hong Kong Hang Seng index futures were at 23,498, higher than the index’s last close of 23,336.28.
In Australia, futures traded around the same levels as the S&P/ASX 200‘s previous close of 8,787.
Investors sold off semiconductor-adjacent stocks in Tuesday’s session, with the VanEck Semiconductor ETF (SMH) ending the day 7% lower. Intel fell 6%, and Qualcomm shed 8%. Traders rotated into moved into more defensive names, lifting Walmart nearly 2% and boosting tech stalwart IBM 5%.
Arguments around technical positioning exhaustion “may be true, but I would argue there might be some fundamental risk emerging as well,” said Dan Skelly, head of market research and strategy at Morgan Stanley Wealth Management, on CNBC’s “Closing Bell: Overtime” on Tuesday afternoon.
“We’ve heard about pricing wars among some of the model builders, we’ve heard about rental prices for old GPUs starting to decline, and we’ve also seen a shift in tone from Microsoft, who led the AI launch three years ago with ChatGPT and their partnership with Open AI,” he added. “Microsoft [is] now talking about a change in strategic direction for lower-cost models.”
Micron will report its latest earnings after the market closes on Wednesday. Analysts polled by FactSet see earnings of $20.83 per share on revenue of $35.75 billion.
Micron has had an astronomical run in 2026, with shares hitting a new all-time high on Monday and ending Tuesday at $1,051.77 per share. But Jay Woods, chief market strategist at Freedom Capital Markets, warned the stock could fall after the earnings report.
It might go “down to $1,000. That’s going to sound like a big drawdown, but it’s something that traders will be watching as it starts to get in line with this 20-day moving average,” he said.
Paychex will report earnings before Wednesday’s opening bell. Investors will also watch for building permits and new home sales readings for May.
MSCI keeps South Korea as emerging market, delays Indonesia review amid downgrade risk
Index provider MSCI kept South Korea classified as an “emerging market” in its most recent review on Tuesday, while extending its assessment of Indonesia’s status until November.
The decision dashed hopes that Seoul could be included in MSCI’s Developed Markets watchlist, a crucial step before a market can be upgraded to developed-market status. For Indonesia, the extended review comes after MSCI raised concerns about market accessibility earlier this year and froze the country’s stocks from its indexes in January, citing investability concerns.
MSCI said that it would continue evaluating reforms introduced by Indonesian authorities, but should these measures prove insufficient, the index provider would “consider a range of options for the appropriate treatment for the Indonesia market,” including a potential downgrade to frontier-market status.
Read the full story here.
— Lim Hui Jie
Asia-Pacific markets set to fall, tracking Wall Street tech slide
Asia-Pacific markets were set to fall on Wednesday, tracking Wall Street losses as a tech sell-off that began during the prior session picked up steam overnight.
Japan’s Nikkei 225 was poised to fall, with the Chicago futures contract at 69,425 and its Osaka counterpart last trading at 69,290, compared with the index’s previous close of 69,788.38.
Hong Kong Hang Seng index futures were at 23,498, higher than the index’s last close of 23,336.28.
In Australia, futures traded around the same levels as the S&P/ASX 200‘s previous close of 8,787.
— Lee Ying Shan
Six of the 11 GICS sectors rise on Tuesday
On Tuesday, six of the 11 GICS sectors ended the session higher.
Gains were led by the consumer staples sector, up 1.77%. Healthcare and real estate stocks were the day’s second- and third-best performers, respectively rising 1.37% and 1.35%.
On the other hand, a rout in technology stocks made the sector the day’s worst performers, down 3.66%. The industrials and materials sectors followed, notching losses of 2.03% and 1.60%, respectively.
— Lisa Kailai Han
Stocks making the biggest moves after the bell: FedEx, Cerebras and more
These are the stocks moving the most in extended-hours trading:
- FedEx — Shares shed about 6% after revenue in the fourth quarter narrowly beat Wall Street’s expectations.
- Cerebras — The semiconductor company dropped 11% after posting its first earnings report since going public in May. Cerebras forecast a decline in core gross margin.
- KB Home — The homebuilder added 3% after posting a fiscal second-quarter revenue of $1.11 billion, beating the $1.10 billion analysts had penciled in, per LSEG.
Read the full list of stocks moving here.
— Lisa Kailai Han
