Nasdaq Index: Micron Near Resistance as Earnings Set Tone for US Stocks Today

Micron, AutoZone and Oracle Set the Tone as Traders Prepare for Key Earnings and Sector Moves

From a technical perspective, resistance sits near $170, with profit-taking likely above $174 if earnings fail to impress. Immediate support lies around $159. Position sizing should reflect elevated expectations and options premiums. JPMorgan suggests a call ratio spread (buy $170 calls, sell two $180s) to play upside while collecting premium. Traders holding long may consider trimming ahead of the print to reduce event risk.

AutoZone Eyes Breakout as Tariff Pressures Flip Bullish

AutoZone (AZO), at $4,121, dipped 0.5% Monday but remains in focus with earnings after the bell. The setup favors a breakout above $4,150, with $4,190 as next resistance. Analysts expect $50.83 EPS on $6.24 billion in revenue, and Morgan Stanley sees a potential comp sales beat. Despite trade concerns, AutoZone has leveraged tariff inflation to boost pricing power—an unusual edge in today’s environment.

Its recession-resistant model and U.S.-focused operations shield it from the broader pressure on consumer discretionary stocks. Traders are watching this name not just for results, but as a defensive rotation candidate with growth upside.

Oracle Rallies on TikTok Deal, Eyes Institutional Flows

Sector Watch: Are Memory Semis Signaling a Larger Rotation?

Micron’s strength may be part of a larger trend. Memory chip names are rallying late in the cycle, defying typical inventory build-ups. Traders should also track Samsung’s HBM3e timeline for Nvidia chips, which could alter supply chains and sector leadership. This divergence from historical cyclicals suggests AI demand is distorting normal sector behavior—possibly extending the semi rally beyond typical seasonal peaks.

What Else Should Traders Monitor This Week?

Earnings from Micron and AutoZone hit after today’s close. Updates on the TikTok deal and Oracle’s investor response will carry through Wednesday. Memory pricing trends and HBM demand supply imbalances remain ongoing drivers.

In after-hours action, Firefly Aerospace (FLY) sank 12.4% after missing Q2 estimates, and MBX Biosciences (MBX) fell 2.1% on a public offering—highlighting risk-off sentiment in speculative tech and biotech.

Market Outlook: Rotation to Pricing Power and AI Infrastructure in Play

While the OECD raised global growth expectations to 3.2% and cut U.S. inflation estimates to 2.7%, traders remain focused on sector-specific catalysts. AI infrastructure spend (Micron, Oracle) and tariff-driven pricing power (AutoZone) are creating clear outperformers.

With Fed policy likely hinging on incoming inflation prints, expect positioning to favor names with strong forward visibility. Use technical levels and proper sizing as volatility picks up around earnings. In this environment, clear catalysts matter more than broad indexes.

More Information in our Economic Calendar.