The S&P 500 pulled back on Wednesday as Micron Technology shares fell, with investors looking ahead to the release of chipmaker’s earnings after the bell.
The Dow Jones Industrials hung onto gains of 182.06 points to 51,848.90.
The much broader index slid 7.24 points to 7,358.22.
The NASDAQ reversed and fell 110.4 points to 25,476.64.
Oil prices continued their decline Wednesday. International benchmark Brent crude futures lost 3% to around $74 per barrel, seeing its lowest level since before the U.S. and Israel first launched airstrikes against Iran at the end of February. U.S. West Texas Intermediate futures slid 3% to around $70 and had earlier hit its lowest level since early March.
Energy names took a hit as well. Shares of Exxon Mobil, Chevron, ConocoPhillips and SLB all declined more than 2%.
Meanwhile, shares of Micron traded down nearly 6%, while fellow memory stock Sandisk dropped around 5%. The two tumbled 13% in the previous session. Other chip stocks such as Advanced Micro Devices also fell.
Micron will report its latest earnings after the market closes on Wednesday. Analysts polled by FactSet see earnings of $20.83 per share on revenue of $35.75 billion.
Micron has had an astronomical run in 2026, with shares hitting a new all-time high on Monday and ending Tuesday at $1,051.77 per share.
But one analyst warned the stock could fall after the earnings report.
Alphabet was a winner on Wednesday, with shares rising around 1% after S&P Global said Tuesday that the company will soon replace Verizon in the Dow.
Prices for the 10-year Treasury bounced, lowering yields to 4.41% from Tuesday’s 4.49%. Treasury prices and yields move in opposite directions.
Oil prices sank $3.22 to $69.99 U.S. a barrel.
Gold prices dropped $145.20 to $4,004.20. U.S. an ounce.
