2026-09-30 · By SEPT AI
U.S. equities closed lower on Wednesday, with the Dow Jones Industrial Average leading the decline as a broad-based selloff in cyclical and industrial names overshadowed a standout earnings report from memory-chip giant Micron Technology. The S&P 500 fell 0.52%, while the tech-heavy Nasdaq-100 managed to eke out a fractional loss of just 0.06%, buoyed by strength in semiconductor and software stocks.
The Dow Jones Industrial Average (DIA) dropped 1.07% to close at $508.50, after touching a session low of $508.34. The small-cap Russell 2000 (IWM) also struggled, falling 0.81% to $277.89. The S&P 500 (SPY) settled at $762.48, down from its open of $766.45, while the Nasdaq-100 (QQQ) held up relatively well, closing at $739.77 after hitting a high of $745.10 earlier in the session.
The Fear & Greed Index, a measure of market sentiment, stood at 71, indicating a state of "Greed" among investors, suggesting that despite the day’s losses, risk appetite remains elevated.
The divergence between the Nasdaq and the broader market underscored a clear rotation. Technology and semiconductor names found support from Micron’s blockbuster quarterly results and upbeat guidance, while industrials, financials, and energy-related stocks dragged the Dow and S&P 500 lower. The Dow’s 1% decline was its worst single-day drop in weeks, driven by profit-taking in names sensitive to economic growth expectations.
The session was marked by extreme volatility in small-cap and micro-cap names, with several stocks moving more than 50% in either direction.
LQDA plunged 57.23% to $30.17 on massive volume of over 21 million shares, though no specific catalyst was provided in the data. CNTB tumbled 41.27% to $1.11, and CVRX fell 34.22% to $1.73. SVRN dropped 33.29% to $49.70, while VBIO lost 30.37% to $2.79. NCI slid 28.93% to $1.26, and YMT declined 26.90% to $1.25. CMMB fell 26.54% to $1.19, WETO dropped 25.74% to $1.01, and LGHL lost 25.11% to $4.95. QTTB shed 20.48% to $8.27, SCTX fell 20.08% to $18.41, INDP dropped 20.03% to $2.29, and BIYA declined 19.59% to $1.97. NCT fell 18.75% to $1.56.
On the upside, CMCT soared 50.26% to $2.93 on volume of 31 million shares. TGE surged 48.33% to $1.55 on extraordinary volume of over 156 million shares. TNON jumped 46.07% to $4.09. PACB rallied 28.53% to $2.37, and CLRO gained 21.63% to $5.23.
Key Earnings: Micron Steals the Show
The earnings calendar was dominated by a single name, but it was a blockbuster.
Micron Technology (MU) delivered a massive beat in its fiscal fourth quarter. The company reported adjusted earnings per share of $33.42, well above the $31.45 estimate, while revenue came in at $54.23 billion, crushing the $50.75 billion consensus. Looking ahead, Micron guided for fiscal first-quarter adjusted EPS of $37.15 to $39.15, above the $35.07 estimate, and revenue of $60 billion to $63 billion, far exceeding the $56.55 billion forecast. The company also said it expects server unit growth in the high-teens percentage range in both calendar 2026 and 2027, and that memory and storage supply-demand conditions will be "much tighter" in 2027 and 2028 than in 2026. Shares rose in after-hours trading following the release.
Conagra Brands (CAG) reported quarterly earnings of $0.41 per share, beating the $0.31 estimate. The stock saw strong insider buying, with three insiders purchasing $1.1 million worth of shares.
Jabil (JBL) missed expectations, posting EPS of $2.78 versus the $3.86 estimate. Revenue came in at $10.6 billion.
There were no major economic data releases on Wednesday, but a flurry of corporate guidance updates drove sector-level moves.
Rogers Corporation (ROG) provided long-term targets, forecasting fiscal 2028 adjusted EPS of $5.50 to $6.50 on revenue of $1 billion to $1.1 billion, and fiscal 2030 adjusted EPS of $14.00 on revenue of $1.5 billion. Shares rose on the news.
Synopsys (SNPS) shares traded higher after the company announced a multi-year deal with OpenAI to develop "GPT-Synopsys" and a strategic agreement with Amazon to accelerate custom silicon innovation. Synopsys also guided fiscal 2027 adjusted EPS of $19.04 to $19.12, above the $17.32 estimate, on revenue of $11.1 billion to $11.2 billion, also above consensus.
Progress Software (PRGS) delivered a mixed update. The company raised its fiscal 2026 adjusted EPS guidance to $6.15-$6.23 (versus $6.16 estimate) and lifted its sales outlook to $1.044 billion-$1.052 billion. However, it lowered its GAAP EPS guidance for the year and issued a weak fiscal fourth-quarter outlook, with adjusted EPS of $1.24-$1.33 missing the $1.43 estimate.
Vicor (VICR) raised its third-quarter sequential revenue growth guidance to above 30% from above 20%, citing higher vertical power delivery royalties. Shares rose on the news.
Blaize (BZAI) announced a restructuring that will cut about 26% of its workforce, expecting $7.5 million to $8.4 million in annualized savings. Shares fell.
Madison Square Garden Sports (MSGS) announced that its board approved the divestment of its New York Rangers operations from its New York Knicks business. Upon completion, expected on Oct. 26, MSG Sports will be renamed MGS Knickerbockers. Shares rose.
Boeing (BA) landed a $20 billion Navy contract, with three members of Congress buying the stock this year.
MoonLake Immunotherapeutics (MLTX) filed a Biologics License Application with the FDA for its nanobody sonelokimab to treat hidradenitis suppurativa. Shares rose.
Health In Tech (HIT) rolled out an AI-powered platform called HitRix and expects fiscal 2026 revenue of approximately $33 million. Shares rose.
Insider buying activity was robust on Wednesday, with several notable transactions.
RSG saw a staggering 95 insider buys totaling $1.24 billion, the largest insider buying event in the data. TSM had 76 insider buys worth $847,121. UBER saw three insiders buy $15.3 million worth of shares. ECL had four insiders buy $2.7 million. MELI saw three insiders buy $1.2 million. CAG had three insiders buy $1.1 million. L saw two insiders buy $1.1 million. HBAN had seven insiders buy $617,560. GBCI had one insider buy $105,840. NHI had two insiders buy $167,027.
All eyes will be on Micron Technology’s stock reaction in Thursday’s session following its blowout report. The company’s bullish commentary on memory pricing and demand for 2027 and 2028 could provide a tailwind for the broader semiconductor sector.
Investors will also watch for any follow-through on the insider buying spree seen in names like Uber, Ecolab, and MercadoLibre, as well as continued reaction to the Boeing Navy contract.
On the economic calendar, weekly jobless claims and the final reading of second-quarter GDP are due, which could provide further clues on the health of the labor market and the broader economy.
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