Micron Technology Dropped by Inflation Costs as Oil Hits $115
MUMU•
Micron Technology shares fell after its latest earnings report faced headwinds from rising inflationary costs and a broader technology selloff as oil prices climbed to $115 per barrel. The crude spread widened to its highest since 2020 while weekly US jobless claims unexpectedly fell to 205,000.
1. Broad Market Selloff Weighs on Tech
US stocks fell sharply, with the Dow and Nasdaq down triple digits as oil prices surged to $115 per barrel. The Brent–WTI spread reached its widest level since 2020, intensifying pressure on technology shares.
2. Micron Earnings Face Inflation Headwinds
Micron's latest quarterly results revealed revenue growth but shrinking margins due to rising component and logistics costs. The combination of higher input prices and a risk-off tech environment drove shares lower during the session.
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