Micron Shares Slide 2.4% as Yields Rise Above 4.62%
Micron Technology fell 2.4% on May 19 as memory chip stocks slid on rising 10-year Treasury yields, which hit 4.6213% and pressured the Nasdaq 100 E-minis by 0.85% premarket. Peers Seagate and Western Digital declined 3.2% and 3.6% respectively, on sector concerns over inflation ahead of Fed minutes.
1. Market Selloff Pressures Micron
Micron Technology fell 2.4% on May 19 as a selloff in chip stocks intensified premarket. Rising 10-year Treasury yields, which reached 4.6213%, weighed on growth valuations and contributed to a 0.85% drop in Nasdaq 100 E-minis.
2. Sector Peers Also Decline
Memory chip and data storage peers also retreated, with Seagate Technology down 3.2% and Western Digital off 3.6%. The pullback follows a recent surge in these names, prompting profit-taking across the sector.
3. Fed Minutes in Focus
Investors are now focused on minutes from the Federal Reserve's May meeting for clues on policy direction. Any shift toward a neutral bias could influence bond yields and technology stock valuations going forward.