24.06.202620:10:28UTC+00Wall Street Closes Mixed Ahead of Micron Earnings

US equities ended mixed on Wednesday, as weakness in chipmakers ahead of Micron’s earnings weighed on the market. The S&P 500 slipped 0.1%, while the Nasdaq 100 declined 0.4%. Micron eased 0.4% before its results, due after the close, with investors watching closely to see whether AI-driven demand can continue to justify the sector’s strong rally. That came on the heels of a 13% plunge in the prior session amid mounting concerns that capital spending by AI companies may already be excessive.

Other semiconductor names also retreated: Nvidia fell 0.7%, and Intel lost 0.3%. AI-related capital raising stayed robust, however, with SK Hynix reportedly looking to secure $29 billion via a US listing, following shortly after SpaceX’s record IPO.

Outside of technology, lower Treasury yields lent support to other sectors, as expectations of resumed energy exports from the Middle East helped temper inflation worries. The Dow Jones Industrial Average outperformed, rising 182 points, supported by its heavier tilt toward traditional sectors, ahead of Alphabet’s addition to the index on Monday, when it will replace Verizon.