The S&P 500 ended marginally lower on Wednesday as investors remained cautious ahead of Micron Technology Inc.’s quarterly earnings. Still, Polymarket traders are overwhelmingly betting the benchmark index will rebound at Thursday’s open.
The S&P 500 closed down 0.10% at 7,358.22. However, the June 25 Polymarket contract implied a 97% probability that the index will open higher on Thursday.
Why That Number Matters
Micron Technology (NASDAQ:MU) surged nearly 15% in after-hours trading after reporting quarterly results that beat Wall Street expectations and forecasting current-quarter revenue well above analysts’ estimates. Qualcomm (NASDAQ:QCOM) also rallied 14% after raising its long-term non-handset revenue outlook, with Sandisk (NASDAQ:SNDK), Western Digital (NASDAQ:WDC), Lam Research (NASDAQ:LRCX), KLA Corp (NASDAQ:KLAC) and Applied Materials (NASDAQ:AMAT) gaining as well.
Investors are now awaiting May’s Personal Consumption Expenditures (PCE) price index, the Federal Reserve’s preferred inflation measure, for fresh clues on the path of interest rates after policymakers adopted a more hawkish tone last week.
