Dow Jones Futures Fall; Micron Skids Despite Blowout Earnings, Oil Prices Hit $100

2026-03-19 01:39:52

Dow Jones futures fell slightly overnight, along with S&P 500 futures and Nasdaq futures, while oil prices continue to advance. Micron Technology (MU) reported blowout earnings and guidance late Wednesday. But Micron stock fell, with Sandisk (SNDK) and Western Digital (WDC) also lower.

The stock market retreated solidly Wednesday with the Dow Jones and S&P 500 undercutting recent lows, amid rising oil prices and the latest Fed meeting. The Federal Reserve still sees one rate cut in 2026 amid Mideast “uncertainty,” but Fed chief Jerome Powell said a cut will require inflation “progress.” Powell said he won’t leave the Fed’s board while the Justice Department probe is ongoing. A hot PPI inflation report also weighed on stocks.

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Dow Jones Futures Today

Dow Jones futures fell 0.1% vs. fair value. S&P 500 futures declined 0.1% and Nasdaq 100 futures declined 0.1%.

U.S. crude oil futures rallied more than 2% to almost $99 after briefly topping $100 a barrel. Brent crude, the global benchmark, moved over $111. The Trump administration is mulling a crude export ban, but there’s a mismatch between U.S. crude grades and U.S. refineries.

The 10-year Treasury yield edged up to 4.27%.

Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

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Micron Earnings

Micron earnings skyrocketed, easily beating fiscal Q2 views amid AI data center demand. The memory-chip giant also gave blowout Q3 guidance, forecasting continued strength in memory prices and demand. Micron did say it’ll need to spend heavily to ramp up output.

Micron stock fell modestly in overnight action, as the chip giant faces high expectations above and beyond official consensus.

Shares rose 4 cents to 461.73 in Wednesday’s session, holding above a 455.50 consolidation buy point. Its relative strength line has been hitting new highs. MU stock was actionable Monday as it gapped above a downward-sloping trendline as well as short-term highs.

Meanwhile, Sandisk declined solidly in extended trade, while Western Digital and Seagate Technology (STX) were modestly lower. Sandisk jumped to a new high in Wednesday’s session. Western Digital reversed lower from a high. Seagate declined modestly as it builds a base after rebounding from the 50-day line.

Memory-exposed chip-equipment makers ASML (ASML), KLA Corp. (KLAC), Lam Research (LRCX) and Applied Materials (AMAT) were little changed overnight. All have been trading around their 50-day lines following recent pullbacks, all close to being actionable.

Nvidia (NVDA) was quiet in extended action. Shares have been hitting resistance at the 50-day line, just above the 200-day.

Separately, Five Below (FIVE) reported better-than-expected Q4 results. The specialty discounter jumped in extended trade, near record highs.

Stock Market Rally Attempt

The stock market retreated Wednesday following a hot PPI inflation report, the latest Fed meeting and, of course, rising oil prices.

But set aside specific catalysts. Stocks falling after a couple of good sessions is part of the sideways action over the last several months, with a downward bias the past several weeks.

The Dow Jones Industrial Average tumbled 1.6% in Wednesday’s stock market trading. The S&P 500 index lost 1.4%. The Nasdaq composite gave up 1.5%. The small-cap Russell 2000 shed 1.6%.

The Dow Jones and S&P 500 undercut Friday’s lows, ending their rally attempts, but the Nasdaq just held its recent lows. The Dow and Nasdaq closed below their 200-day moving averages.

The Invesco S&P 500 Equal Weight ETF (RSP)

U.S. crude oil futures edged up 0.1% to $96.32 a barrel at their 2:30 p.m. ET close following a volatile session. However, oil prices were around $98.50 by the 4 p.m. ET stock market closing bell. Brent crude jumped 3.8% to $107.38 a barrel at 2:30 p.m. ET, trading near $110 by 4 p.m. ET.

Israel attacked a major Iranian gas processing plant, with Iran heavily damaging a huge LNG plant in Qatar. The attacks, and the prospect of more to come, suggest that energy shipments from the Persian Gulf will be low for weeks or months after the Strait of Hormuz reopens.

The 10-year Treasury yield rose 5.5 basis points to 4.26%.

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ETFs

Among growth ETFs, the iShares Expanded Tech-Software Sector ETF (IGV) fell 1.4%. The VanEck Vectors Semiconductor ETF (SMH) was down 0.8%. Nvidia stock is the No. 1 holding, while Micron, ASML, KLA, Applied Materials and Lam Research stock are all in the ETF.

ARK Innovation ETF (ARKK) retreated 2.3% and ARK Genomics ETF (ARKG) slumped 3.2%.

SPDR S&P Metals & Mining ETF (XME) tumbled 2.6%. The Energy Select SPDR ETF (XLE) dipped 0.1% and the Health Care Select Sector SPDR Fund (XLV) dropped 1.7%. The Industrial Select Sector SPDR Fund (XLI) sank 0.8%. The Financial Select SPDR ETF (XLF) declined 1.2%.

Best Growth Stocks To Buy And Watch

What To Do Now

The stock market keeps grinding lower. Until oil prices settle down, it’s hard to see a sustained recovery. Some areas of the market are holding up or even thriving, but those could reverse easily with breaking news headlines.

Be patient, be mostly in cash, and get ready for the next true market rally.

Read The Big Picture every day to stay in sync with the market direction and leading stocks and sectors.

Please follow Ed Carson on Threads at @edcarson1971 and X/Twitter at @IBD_ECarson for stock market updates and more.

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