Micron Earnings and Inflation Data Are in Focus This Week

Trader Jay Woods is watching Micron closely ahead of the company’s fiscal thirdquarter earnings report, which is due after Wednesday’s close. He said the semiconductor stock has climbed sharply this year, but it has also tended to fall after recent earnings reports, making the upcoming release an important test for the rally. Woods said Micron has gained more than 300% this year and is trading above its recent moving average, which he sees as a sign the stock may be stretched. He suggested traders are watching whether the shares can extend further or pull back toward the $1,000 level, which would still be below recent prices but closer to its shortterm trend. He also highlighted other market events this week, including earnings from FedEx and Darden Restaurants, Friday’s Russell reconstitution, and Thursday’s personal consumption expenditures inflation report. Woods said he will be watching the core PCE reading closely, with expectations around 3.4%.