Pre-Market: Memory Chips Tumble — Micron Drops Nearly 9%, Seagate Bucks Trend With 5%+ Surge

U.S. stock index futures diverged in pre-market trading on July 29. As of writing, Nasdaq 100 futures slid, dragged down by a heavy sell-off in memory chip names; S&P 500 futures wavered in narrow ranges; while Dow futures held relatively steady. The Federal Reserve's FOMC is set to announce its rate decision today, with markets widely expecting rates to be held unchanged at 3.75%.

On the sector front, memory chip stocks suffered a broad-based rout after SK Hynix earnings undershot expectations, triggering widespread selling. Within semiconductors, performance was mixed — Seagate Technology surged on a blowout earnings report. Airline stocks rallied across the board, with JetBlue soaring over 10%.

Memory Chip Sector Crumbles: Micron Down Nearly 9%, SK Hynix Off Nearly 9%

Micron Technology (MU) tumbled 8.85% to $820.53, while SK Hynix (SKHY) dropped 8.98% to $130.17. The sell-off was triggered by SK Hynix's fiscal 2026 second-quarter results, which showed revenue of 79 trillion won, up 51% sequentially but well below the 85 trillion won consensus estimate. Gross margin came in at 83%, also missing the 84%–85% forecast. Despite record operating profit of 60.5 trillion won, the high mix of HBM revenue meant the company did not fully capture the benefit of rising conventional DRAM prices, prompting investors to reassess the pace of AI-driven demand growth. Analysts noted that the sell-off in Korean equities reflected de-leveraging from crowded hedge fund and leveraged ETF positioning — a capital bubble deflation rather than deterioration in industry fundamentals.

Semiconductor Sector Splits: Intel Falls Nearly 6%, Seagate Bucks the Trend

Intel (INTC) fell 5.86% to $86.30. In contrast, Seagate Technology (STX) surged over 5% in pre-market trading after delivering earnings that smashed expectations. For the fourth quarter of fiscal 2026, Seagate posted revenue of $3.629 billion, up 48% year-over-year, with net profit soaring 164% to $1.294 billion. Full-year revenue reached a record $12.195 billion and net profit hit an all-time high of $3.184 billion, with the company guiding for further revenue growth ahead.

Airline Stocks Rally Across the Board: JetBlue Up Over 10%

JetBlue Airways (JBLU) jumped 10.50% to $6.00, while American Airlines (AAL) gained 2.74% to $15.36. Improving air travel demand continued to draw capital inflows into the sector.

Tech Heavyweights Relatively Steady: Apple Up Nearly 1%

Apple (AAPL) rose 0.94% to $340.08, while Nvidia (NVDA) edged up 0.25% to $197.01. In related news, Meta Platforms is scheduled to report second-quarter results after Wednesday's close, with analysts forecasting revenue of $60.22 billion and EPS of $7.14, while capital expenditure guidance remains the focal point for markets. Separately, Mark Cuban drew parallels between Nvidia's role in the AI boom and the dot-com era, warning that a breakthrough or misstep by competitors could trigger a market pivot.

Among other notable movers: Ford Motor (F) rose 1.91%; Pfizer (PFE) gained 2.35%; T1 Energy (TE) plunged 15.31%; AMC Entertainment (AMC) climbed 6.37%; Mara Holdings (MARA) declined 3.31%; and Plug Power (PLUG) fell 4.85%.