The S&P 500 and Nasdaq Composite reversed early gains Wednesday as selling across technology and semiconductor stocks intensified.
Micron Technology, down 3% on the session after Tuesday's 13% plunge, remained a focus ahead of its earnings report. The broader chip sector stayed under pressure amid valuation concerns and questions over AI infrastructure spending.
The Nasdaq has now posted six consecutive sessions of at least 1% moves, the longest such streak since August 2024.
Bitcoin fell near $62,600, mirroring the decline in growth equities as institutional investors increasingly treat the cryptocurrency as part of the same risk basket.
Micron’s earnings after the close are the next test for the AI trade. Strong results could stabilize chip stocks, while weak guidance may deepen concerns.