Closing Bell Movers: Micron rallies 7% on earnings,

Wednesday’s trading saw major indices declining for the fourth consecutive day, with outsized selling seen in Tech and Communication Services sectors as sentiment continued to sour on AI-themed names  after FT reported that Blue Owl was backtracking from its Oracle (ORCL) data center investment.  The company sought to contain the fallout with response that the investment was still on track, but the spillover reverberated across the space – Nvidia (NVDA) was down 4%, Google (GOOGL) fell 3%, Broadcom (AVGO) slipped 4.5%, and Oracle was down by over 5%. 

In the opening hour of the evening session, U.S. equity futures are modestly higher however thanks in large part to strong results out of Micron (MU) – S&P e-minis up 0.1% and Nasdaq 100 up 0.2%.  In commodities,  WTI Crude Oil remains bid toward $57 per barrel as Venezuela blockade is magnifying supply concerns while Metals are seeing a renewed breakout in Silver above $66 per ounce.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• MillerKnoll (MLKN) up 7.8%
• Micron Technology (MU) up 7.0%;  Flash/NAND memory names Sandisk (SNDK) up 3.5%, Western Digital (WDC) up 2.6%

ALSO HIGHER –

• Enphase Energy (ENPH) up 1.9% after Goldman Sachs upgrade to Neutral

DOWN AFTER EARNINGS –

• Enerpac Tool  (EPAC) down 7.8% 

ALSO LOWER –

• Insmed (INSM) down 19.2% after announcing Phase 2b BiRCh study of brensocatib did not meet endpoints
• Maplebear Inc. (CART) down 6.4% after Reuters report FTC probes Instacart over AI-driven pricing tool