Nasdaq Slips as Semiconductor Rout Continues; Micron Extends Losses

The Nasdaq Composite slipped on Wednesday, pressured by weakness in semiconductor stocks as investors awaited Micron Technology’s quarterly earnings after the closing bell.

The tech-heavy index fell 0.43% to close at 25,476.64, while the S&P 500 edged down 0.10% to 7,358.22. Meanwhile, the Dow Jones Industrial Average gained 182.06 points, or 0.35%, ending at 51,848.90.

Oil prices extended their decline, weighing on energy stocks. Brent crude dropped 4.33% to settle at $73.74 per barrel, its lowest level since before U.S. and Israeli airstrikes on Iran in late February. West Texas Intermediate (WTI) fell 3.92% to $70.34 per barrel, hitting its lowest level since early March.

Falling oil prices also pushed Treasury yields lower, with the benchmark 10-year yield slipping below 4.5%.

Energy stocks came under pressure, with shares of Exxon Mobil, Chevron, ConocoPhillips, and SLB all declining more than 2%.

In chip stocks, Micron Technology recovered from session lows but closed down 0.3%, while Sandisk fell 2.5%. Both stocks had already suffered steep losses in Tuesday’s sell-off. The VanEck Semiconductor ETF (SMH) ended slightly lower.

Investors remain focused on Micron’s earnings report, with analysts expecting earnings of $20.83 per share on revenue of $35.75 billion.

Wednesday’s trading followed Tuesday’s sharp tech sell-off, when semiconductor-related stocks dragged major indexes lower and the SMH ETF dropped 7%.

Despite recent weakness, Micron has posted a remarkable rally in 2026, reaching an all-time high on Monday before closing Tuesday at $1,051.77 per share.

Meanwhile, Alphabet erased earlier gains to close 0.2% lower after S&P Global announced the company will replace Verizon in the Dow Jones Industrial Average.