Stocks See Support Ahead of Micron's Earnings

Stocks gained support on Tuesday and pushed higher ahead of Micron Technology’s earnings, as investors weighed whether AI demand is meeting expectations. The S&P 500 rose 0.12%, the Dow Jones Industrial Average climbed 0.21%, and the Nasdaq 100 added 0.06%, while September E-mini S&P futures and September E-mini Nasdaq futures were also up. Micron, a major beneficiary of AI infrastructure spending, has gained more than 260% year-to-date. Markets also reacted to SK Hynix’s plan to raise 45.45 trillion won (about $29 billion) via a US listing to expand chip-making capacity, supporting tech supply chains. Elsewhere, homebuilders gained after Congress passed the 21st Century Road to Housing Act. Oil fell more than 3.5-month lows, dragging mining stocks lower, while WTI weakness helped push the 10-year T-note yield down 7 basis points to 4.42% and boosted equities.