U.S. stock futures rise as tech selloff steadies ahead of Micron earnings

U.S. stock futures edged higher Wednesday as Micron Technology and Sandisk stabilized before the open, offering only a tentative pause after a two-session technology selloff that wiped out more than $1 trillion in market value from the Nasdaq 100. Micron was due to report fiscal third-quarter 2026 results after the close, making the memory-chip maker a key test of whether the AI hardware trade still has momentum.

The rebound came after investors spent two days punishing the same AI-linked names that powered the market’s run to record highs. The slide was driven by concern over debt-funded hyperscaler spending, doubts about how far valuations had outrun fundamentals, and expectations that the Federal Reserve could stay hawkish longer than traders had assumed. Traders were also looking to Thursday’s Personal Consumption Expenditures inflation reading, the Fed’s preferred gauge, for clues on the next rate move. The Philadelphia Semiconductor Index had already taken a sharp hit in the prior session.

Nvidia and Advanced Micro Devices were among the names hit in the previous slide, while Micron and Sandisk had been some of the market’s stronger performers earlier this year. The trade was “highly concentrated and flow-driven.”

Outside semiconductors, FedEx fell 7% before the bell after a margin squeeze in its core delivery business, following the company’s separation of FedEx Freight on June 1, 2026. Cerebras Systems forecast full-year 2026 gross margins of 38% to 41%, below its first-quarter 47% margin and well under the levels seen at larger chip peers. Oil prices also fell more than 1% to fresh four-month lows as markets expected smoother crude flows through the Strait of Hormuz.