Wednesday, June 24, was a mixed, whippy, wait-for-Micron session.

The regular session never really found clean direction. The S&P 500 slipped 0.1%, the Nasdaq fell 0.4%, while the Dow gained 0.4% and small caps also firmed. Tech remained the pressure point, with several large tech names weighing on the tape, even though market breadth was not terrible.

The big macro relief came from oil dropping sharply. Brent fell around 3.8%–4.3%, moving closer to pre–Iran-war levels, which helped pull Treasury yields lower and ease some inflation pressure.

The tape’s real story was AI/semiconductor anxiety ahead of MU earnings. The Nasdaq had already been hit hard over the prior two days, and investors were watching Micron as a “tell” for whether the AI infrastructure trade was still fundamentally supported or starting to crack. Reuters framed MU as a key pulse check for semiconductor demand and AI spending durability.

Why MU mattered: Micron is now viewed as a core AI-infrastructure stock because high-bandwidth memory is essential alongside Nvidia AI processors. After the close, MU beat estimates, guided strongly, and said customers had committed $22 billion to secure memory-chip supply. Shares jumped about 12% after hours, and Nasdaq 100 futures rallied nearly 2%, helping flip the tech narrative from “AI spending fear” to “memory demand is still tight and real.”

War Room read: yesterday’s session was defensive and indecisive during market hours, but MU earnings became the catalyst. The market needed proof that AI demand was still translating into revenue, pricing power, and supply shortages. MU delivered that proof, which is why semis became the group to watch today.