Markets Slip as Chips Face Headwinds; Costco Reports Today

US Market Highlights

US equity futures are under pressure Wednesday. Treasury Secretary Bessent's comments on Iranian aviation restrictions rattled sentiment. The S&P 500, Nasdaq 100, and Dow Jones futures all opened lower.

MU is the day's most-watched stock. Micron reports Q4 2026 results tonight. A UBS analyst called it a "battleground" between AI momentum and long-term demand concerns. The analyst warned that long-term supply deals could mute revenue upside. Options flow shows heavy negative bets on the stock — up 284% year-to-date, profit-takers are circling.

SNDK dipped in premarket trading despite analysts keeping a positive long-term AI storage view intact. The stock has surged 695% in 2026. Negative options bets are piling in there too.

COST also reports after the close. The $399 billion retailer is one of the most-watched prints this quarter. Short interest sits at just 1.7% of free float — bulls firmly in control heading into the print.

PAYX missed Q2 sales estimates. The payroll firm posted $1.620 billion against a $1.638 billion forecast.

Short Interest Watch

GME short interest spiked to 7.17% of free float from 0.94% just one week ago. That 6.2 percentage point jump signals fresh bearish conviction in the meme stock. Meanwhile, Goldman Sachs reinstated a Buy on MDGL with a $704 target. Quanta Services (PWR) and ABNB both earned analyst upgrades today.

Europe

European markets face spillover pressure from weak US futures. No single large-cap European catalyst dominates today's tape.