Micron shares fall 3% premarket as yields and oil pressure tech stocks

Micron Technology shares fell about 3% in Thursday’s premarket session as rising bond yields, elevated oil prices and broader economic uncertainty weighed on technology stocks. Nasdaq futures declined 1.29% and S&P 500 futures fell 0.61%. The stock remains in a strong long-term uptrend, but weaker Nasdaq futures could complicate an attempt to clear resistance near $1,012. Micron is also working through its summer pullback after a June swing high and July low, with investors watching whether buyers defend key moving averages. Shares traded about 3.9% above the 20-day simple moving average (average closing price over 20 sessions) of $958.23, 6.7% above the 50-day SMA of $933.29 and 62.1% above the 200-day SMA of $614.35. The averages retain a bullish formation, with the 20-day above the 50-day and the 50-day above the 200-day. The MACD (momentum trend indicator) is above its signal line and has a positive histogram, indicating that selling pressure has eased and buyers are regaining control. A move above $1,012 could strengthen the rebound, while a decline below support near $887.50 would weaken the technical setup. Micron has gained 634.12% over 52 weeks, reaching a June high of $1,255 and a low of $131.56. Analysts give the stock a Buy consensus rating and an average price forecast of $1,521.74. Mizuho kept an Outperform rating but cut its forecast to $1,300 on Aug. 25; New Street Research upgraded Micron to Buy with a $1,250 forecast on Aug. 14; and Citigroup maintained Buy while lowering its forecast to $1,150 on Aug. 7. Benzinga Edge scores Micron at 99.58 for Momentum, 96.83 for Quality, 93.54 for Growth and 22.09 for Value, pointing to a momentum-driven growth stock with strong quality characteristics but greater exposure if growth expectations cool. Micron accounts for 9.81% of the Invesco S&P 500 Momentum ETF, 8.14% of the State Street SPDR NYSE Technology ETF and 9.67% of the SMART Earnings Growth 30 ETF. Such exposure can amplify share-price moves when large fund inflows or outflows generate additional buying or selling.