Indices stabilize after the sell-off. Markets await Micron earnings.

• Global equity markets are trying to stabilize after Tuesday’s AI-driven selloff, but investors remain cautious ahead of Micron’s earnings release today after the U.S. close, which could become an important test of demand for memory chips used in AI infrastructure. Nasdaq 100 futures (US100) are up 0.2%, while European index futures point to a calm open in Europe.
• SpaceX priced its first-ever bond issuance at $25 billion, offering notes maturing between 2031 and 2056. The stock gained only 0.5% after the U.S. close and has fallen as much as 22% in recent days. Proceeds are expected to be used to repay bridge financing and for general corporate purposes. The scale of the issuance shows that even the most dynamic technology companies are increasingly turning to debt markets, which is especially important in a high-rate environment.
• FedEx also reported results after the close and remains a key barometer of global trade and economic activity. Shares fell 6% after the report and have lost nearly 25% in recent weeks. The company posted adjusted EPS of $6.31 versus $6.07 a year earlier, while revenue rose 13% year-over-year to $25 billion. Federal Express revenue increased 14% to $21.6 billion, and management guided for adjusted 2026 EPS of $16.90–18.10. The results suggest that transport and logistics activity remains relatively resilient despite broader slowdown concerns.
• The MSCI All Country World Index slipped 0.1%, while Asia’s broad equity benchmark finished 0.4% lower, giving back almost all of an earlier gain of nearly 1%. The move shows that risk appetite remains fragile.
• TSMC shares fell more than 3%, joining the broader semiconductor selloff after earlier pressure on U.S. technology names.
• U.S. equity futures edged slightly higher ahead of the Wall Street open, suggesting an attempt to recover after sharp losses, although the scale of the rebound remains limited.
• South Korea’s KOSPI recovered part of its losses as Samsung gained on reports that the company may announce a share buyback, but sentiment remains fragile after one of the steepest selloffs in the index’s history.
• Tuesday’s KOSPI slump was largely driven by a rapid unwinding of leveraged positions concentrated in semiconductor stocks and AI beneficiaries, showing how much of the rally had been supported by aggressive investor positioning.
• In FX markets, the classic defensive move was visible: the dollar strengthened to a seven-month high, while demand for U.S. Treasuries remained elevated. Investors are becoming more cautious toward risk-asset valuations while reassessing the impact of higher interest rates on markets.
• Oil continued to decline but did not provide meaningful relief for equity indices. Brent crude moved toward $76 per barrel as the market gradually removed the geopolitical risk premium linked to tensions in the Middle East.
• The normalization of tanker traffic through the Strait of Hormuz after the interim U.S.-Iran agreement reduced concerns over energy supply disruptions, limiting upward pressure on energy prices.
• Indonesian equities fell about 1.6% after MSCI delayed its review of reforms aimed at improving foreign investor access to the market. The decision revived debate over a potential downgrade of Indonesia from emerging-market to frontier-market status if liquidity and market-access issues are not resolved.

US100 and FedEx charts

Source: xStation5

Source: xStation5

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