--- title: "Pre-Market: Memory Chips Tumble — Micron Drops Nearly 9%, Seagate Bucks Trend With 5%+ Surge" type: "News" locale: "en" url: "https://longbridge.com/en/news/294183104.md" description: "Memory chip stocks plunged pre-market July 29: Micron -8.85%, SK Hynix nearly -9%. Seagate surged 5%+ on blowout earnings; airline stocks rallied led by JetBlue's 10% gain." datetime: "2026-07-29T09:31:51.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/294183104.md) - [en](https://longbridge.com/en/news/294183104.md) - [zh-HK](https://longbridge.com/zh-HK/news/294183104.md) --- # 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%**. ### Related Stocks - [MU.US](https://longbridge.com/en/quote/MU.US.md) - [SKHY.US](https://longbridge.com/en/quote/SKHY.US.md) - [INTC.US](https://longbridge.com/en/quote/INTC.US.md) - [STX.US](https://longbridge.com/en/quote/STX.US.md) - [JBLU.US](https://longbridge.com/en/quote/JBLU.US.md) - [AAPL.US](https://longbridge.com/en/quote/AAPL.US.md) - [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md) - [AAL.US](https://longbridge.com/en/quote/AAL.US.md) - [TE.US](https://longbridge.com/en/quote/TE.US.md) - [AMC.US](https://longbridge.com/en/quote/AMC.US.md) ## Related News & Research - [What's Wrong With Micron Technology Stock?](https://longbridge.com/en/news/294710998.md) - ["No Real Change in Fundamentals," Says Top BofA Analyst, Keeping Bullish View on Micron Stock (MU)](https://longbridge.com/en/news/294875336.md) - [Why Is American Airlines Stock Falling on Friday?](https://longbridge.com/en/news/295251629.md) - [Asset Dedication LLC Trims Stake in Micron Technology, Inc. $MU](https://longbridge.com/en/news/294598047.md) - [Key facts: Micron (MU) Boosts DRAM Share; Debuts PCIe Gen6 Platform](https://longbridge.com/en/news/294924974.md)