S&P 500 flat as chip stocks slide ahead of strong Micron earnings

25 June 2026 · Source balance: Centre

The S&P 500 ended Wednesday essentially unchanged, declining just 0.1 percent to close at 7,358 points, as investors remained cautious ahead of semiconductor giant Micron's quarterly earnings report. The broader market showed resilience despite heavy losses in the chip sector earlier in the week, when memory and storage stocks plummeted on concerns about slowing AI demand and inventory adjustments. After the closing bell, Micron reported third-quarter earnings of 25 dollars and 11 cents per share on revenue of 41.5 billion dollars, beating analyst expectations of 20 dollars and 39 cents. The company also provided robust guidance for the next quarter, projecting revenue between 49 and 51 billion dollars compared to Wall Street's expectation of 43.2 billion. Memory-chip supply constraints and strong data center demand continue to support pricing power, though some observers worry valuations have become stretched after Micron surged over 270 percent year to date. The earnings report set the stage for a potential rebound in semiconductor stocks after a volatile week.