Quick overview
- Micron Technology is set to report Q3 FY26 earnings on June 24, 2026, with expectations of EPS around $20.38 and revenues of approximately $35.5 billion, reflecting over 280% year-over-year growth.
- The NASDAQ experienced a significant decline, closing down 2.21%, while the S&P 500 and Russell 2000 also ended in the red.
- Gold prices saw volatility, initially rising above $4,300 before retreating to nearly $4,500 due to a stronger U.S. dollar and rising Treasury yields.
- Cryptocurrencies like Bitcoin and Ethereum faced fluctuations, with Bitcoin dropping below $80K and Ethereum briefly dipping under $2,000 before finding support.
Live BTC/USD Chart
BTC/USD
Micron Technology (MU) is scheduled to report its Q3 FY26 earnings on June 24, 2026, with Wall Street expecting EPS of ~$20.38 on revenues of ~$35.5 billion. This implies staggering year-over-year revenue growth of over 280%, driven by structural memory shortages and massive demand for High Bandwidth Memory (HBM).
Yesterday the focus was on the sharp decline in U.S. equity futures, particularly the NASDAQ, which was down as much as 800 points in premarket trading. The selling pressure eased somewhat after the 9:30 a.m. ET open, but the damage was still significant. The NASDAQ fell to an intraday low of -653.34 points and closed down -579.56 points, or -2.21%.
The index never traded in positive territory, with its best level of the day still lower by 284 points. The S&P 500 and Russell 2000 also ended the session in the red, falling -1.44% and -0.96%, respectively, while the Dow Jones Industrial Average was little changed, slipping just -0.09%.
Earnings Calendar Highlight Today
Micron Technology (MU) is scheduled to report its Q3 FY26 earnings on June 24, 2026, with Wall Street expecting EPS of ~$20.38 on revenues of ~$35.5 billion. This implies staggering year-over-year revenue growth of over 280%, driven by structural memory shortages and massive demand for High Bandwidth Memory (HBM).
High-Level Expectations
- Revenue: Expected to hit roughly $35.5B, up from $9.3 billion in the year-ago quarter.
- Gross Margins: Wall Street is projecting an unprecedented gross margin of around 81%.
- Options Market: Implied volatility suggests a potential ~14% swing in either direction following the print. [1, 2, 3, 4]
- HBM4 Production Status: Micron has already entered high-volume production of HBM4 36GB for Nvidia’s Rubin GPUs. Investors will look for commentary on supply allocations and long-term supply agreements into 2027. [1, 2, 3, 4]
- Mainstream DRAM & NAND: While AI and HBM remain the growth engines, the recovery in non-AI PC/Mobile memory and its associated margin contribution is under close watch to ensure structural industry health. [1, 2]
- Q4 Guidance: Because Micron’s valuation has surged drastically, the market will scrutinize management’s outlook for margin sustainability=
Gold Returns Slips Toward $4,500
Gold prices experienced a volatile trading week, ultimately finishing significantly lower after an initially strong rally lost momentum. The precious metal climbed above $4,300 early in the week but later reversed sharply, ending nearly $100 below its recent highs as investors reassessed the outlook for interest rates and global risk sentiment.
The decline was largely driven by a stronger U.S. dollar, rising Treasury yields, and reduced demand for defensive assets following positive geopolitical developments in the Middle East. Despite the weakness, gold remains above the critical $4,000 support zone, which continues to define the longer-term bullish trend.
USD/JPY Extends Above 161
Foreign exchange markets saw sharp swings. Early in the week, U.S. yield differentials and Japanese capital outflows pushed the dollar above ¥150, but disappointing U.S. jobs data triggered profit-taking, causing the USD/JPY to slide by four yen from its peak. However, the new BOJ governor the JPY has weakened and USD/JPY soared to 154 and we decided to close our buy signal for more than 80 pips as the pair found support at the 20 daily SMA (gray) and has rebounded more than 200 pips off that MA but reversed after the 25 bps rate cut from the FED. The price approached $160 but reversed after the BOJ meeting and fell 8 cents but found support at $152 at the 100 daily SMA (red) and rebounded above 156 but have reversed down again this week after the Japanese elections.
USD/JPY – Daily Chart
Cryptocurrency Update
MAs Keeping Bitcoin Subdued
Cryptocurrencies remained highly active over the summer. Bitcoin (BTC) climbed to fresh highs of $123,000 and $124,000 in July and August, supported by institutional inflows and technical strength. However, remarks from Treasury Secretary Scott Bessent ruling out U.S. increases to BTC reserves triggered a steep pullback, sending the coin down to $80K before finding support at the 100 weekly SMA (green). A rebound followed, sending BTC near $100 is the first major text for Bitcoin buyers. However BTC returned lower and fell below $80K, breaking below the but the 100 weekly SMA (green) but the decline stopped at the $60K support where the 200 weekly SMA (purple) stands and rebounded above $76K but returned below $70K again.
BTC/USD – Daily Chart
Ethereum Returns Under $2,000
Ethereum (ETH) has been similarly strong, surging toward $4,800, its highest since 2021 and near its all-time peak of $4,860. Despite a dip last week, ETH found support at the 20-day SMA, with retail enthusiasm and renewed institutional participation driving fresh upside momentum. Last week we saw a dive below $2,000 but buyers returned n d pushed the price above $2K again.
ETH/USD – Weekly Chart
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank’s local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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