U.S. tech stocks recover partially in premarket trading ahead of Micron’s Q3 results, following a sharp two-day decline in semiconductors.
U.S. equity futures signaled a rebound for technology stocks Wednesday, with the Nasdaq 100 rising 0.5% and the S&P 500 up 0.1% in premarket trade. The Dow Jones Industrial Average futures slipped 0.2%, or 86 points. The recovery follows a 4% drop in the Nasdaq Composite this week, driven by a semiconductor selloff.
Micron Technology’s third-quarter earnings, due after the market close, are expected to show $20.83 per share on revenue of $35.75 billion. Chipmakers Micron and Sandisk, both down 13% Tuesday, rebounded 4% and 3% respectively. The Roundhill Memory ETF (DRAM) recovered 4% after a 14% decline.
Tuesday’s session saw the S&P 500 fall 1.44% and the Nasdaq Composite drop 2.21%, with the VanEck Semiconductor ETF (SMH) down 7%. Analysts cited fundamental risks, including pricing pressures in the sector.