Micron Technology Inc. (NASDAQ:MU) stock fell more than 2% in Thursday’s premarket session as risk appetite cooled across technology stocks. Nasdaq futures were down 0.42%, while S&P 500 futures slipped 0.04%.
The decline comes as investors take some risk off the table after Micron’s sharp rally over the past year. The stock remains well above its longer-term trend lines, but the latest move shows traders are still reacting to short-term weakness in chip stocks.
Micron is trading about 4.1% below its 20-day simple moving average of $1,048.47. That puts the near-term trend in reset mode after the stock’s June peak.
However, Micron remains about 19.5% above its 50-day moving average of $841.56 and roughly 128.4% above its 200-day moving average of $440.26. That suggests the longer-term uptrend remains intact.
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