Dow Climbs as Chip Stocks Rebound Before Micron Report

The Dow Jones Industrial Average rose 67 points on Wednesday as technology and semiconductor stocks recovered ahead of Micron Technology’s earnings report, due after the market close. The S&P 500 gained 0.44% and the Nasdaq Composite rose 0.6%.

The gains followed two straight sessions of losses. On Tuesday the S&P 500 and Nasdaq Composite fell 1.44% and 2.21%, and more than $1 trillion of market value was erased from the Nasdaq 100 in recent days.

Semiconductor and memory chip names led the rebound. Micron shares climbed about 2.1% and SanDisk added roughly 2.7% after a near 13% drop the prior session. The Roundhill Memory ETF advanced after plunging 14% on Tuesday. Micron has risen more than 268% year-to-date in 2026. Analysts surveyed by FactSet expect Micron to report earnings of $20.83 per share on revenue of $35.75 billion.

Other chipmakers moved higher, with Intel and Qualcomm up more than 1% following steep losses the day before. Traders have been weighing risks tied to debt-funded spending on artificial intelligence infrastructure and reports of pricing pressure and strategy changes at major technology firms on lower-cost AI models.

Monetary policy expectations affected trading. The CME Group’s FedWatch tool shows traders increasingly pricing in a potential second Federal Reserve rate increase by the end of December. Investors also awaited Thursday’s Personal Consumption Expenditures Price Index, the Fed’s preferred inflation gauge, where economists expect a 4.1% annual reading.

Energy prices fell, with Brent crude down about 3% to near $74 a barrel and West Texas Intermediate down roughly 3% to about $71. Geopolitical tensions in the Middle East remained a focus for commodity traders.

Several companies moved on company-specific news. Cerebras Systems dropped about 11.2% after forecasting lower full-year profit margins in its first earnings report since going public. FedEx fell about 0.3% after reporting weaker margins in its core delivery business. Hertz slid roughly 23% after issuing a weak outlook and announcing a planned equity offering. Alphabet rose about 1.7% after S&P Dow Jones Indices will replace Verizon in the Dow Jones Industrial Average. JPMorgan raised its year-end S&P 500 target to 7,800, citing earnings momentum and economic resilience.

Traders closed the day with Micron’s results and Thursday’s PCE inflation reading on the calendar.