S&P 500 ETF Dips 0.1% Then Rallies After Micron’s 11% Surge
SPY•SPDR S&P 500 ETF fell 0.1% on Wednesday as tech stocks led losses with the Nasdaq 100 down 0.4%, while after-hours buying drove SPY higher following Micron’s 11% post-earnings surge after stronger-than-expected Q3 results. Asian equities dipped, yuan fixing eased and zinc exporters eyed overseas relief.
1. SPY Dips on Tech Weakness
SPDR S&P 500 ETF lost 0.1% on Wednesday, mirroring the S&P 500’s 0.1% decline as technology shares led sector losses. The Nasdaq 100 slipped 0.4% while the Dow Jones Industrial Average rose 0.4%, reflecting rotation into industrials and energy.
2. After-Hours Rally Fueled by Micron
Micron Technologies surged 11% in after-hours trading after reporting better-than-expected Q3 revenue and earnings, triggering a rebound in SPY and other benchmark ETFs. This buying interest offset intra-day weakness and highlighted renewed confidence in chipmakers.
3. Global Market and Commodity Drivers
Asian markets wobbled on a tech-led selloff, Chinese yuan fixing weakened for a fourth session, and Indian bourses were poised for a muted open as U.S. rate-hike expectations offset oil price relief. Meanwhile, Chinese zinc traders eyed an export window to clear a domestic glut, underscoring commodity pressures.
