Micron Technology (MU) stock came under pressure this week, dropping 10.6% on Wednesday to close at $1,032.28 before falling another 2.18% in Thursday’s premarket to around $1,009.76. The two-day slide is part of a broader chip sector selloff that rattled markets both in the U.S. and overseas.
The pain didn’t stop at U.S. borders. South Korea’s KOSPI index — one of the hottest stock markets on the planet in 2026 — finished Thursday down 7.9%. The index is heavily weighted toward memory chip names, and those names got hit hard. SK Hynix fell 14.6% and Samsung dropped 9.1%. Both are Micron’s direct competitors in the DRAM and NAND memory market.
Despite the rough couple of days, the bigger picture for Micron still looks pretty strong. The stock is up 262% year-to-date through Wednesday’s close — a number that puts most of Wall Street to shame. The KOSPI, for its part, is still up 81% in 2026. The S&P 500, by comparison, has gained just 9.3% this year.
Still, the near-term technical setup is showing some cracks. Micron is currently trading about 4.1% below its 20-day simple moving average of $1,048.47, putting the short-term trend in reset mode after the stock’s June peak. The relative strength index sits at 51.95 — neutral territory — which suggests the stock is digesting gains rather than breaking down.
Traders are watching two key price points closely. Resistance sits near $1,089.50, which is the level Micron needs to clear to regain upward momentum. On the downside, support is near $991. A break below that could open the door to further selling.
For context, Micron is still roughly 19.5% above its 50-day moving average of $841.56 and about 128.4% above its 200-day moving average of $440.26. The longer-term trend remains intact.
Micron also carries significant ETF exposure. It holds an 8.39% weight in the Invesco S&P 500 Momentum ETF (SPMO), a 9.78% weight in the Invesco PHLX Semiconductor ETF (SOXQ), and a 9.46% weight in the Global X DAX Germany ETF (DAX). That kind of ETF weight means large fund flows can amplify buying or selling in the stock.
Micron’s next major earnings report is expected on September 22, 2026. Wall Street is looking for earnings of $31.24 per share — compared to $3.03 a year ago. Revenue is forecast at $50.72 billion, up from $11.31 billion last year. That’s a dramatic growth story by any measure.
The stock trades at a price-to-earnings ratio of 23.3, which analysts consider fair relative to peers.
Analyst sentiment remains firmly in the bull camp. The average price target on MU is $1,542.05. Cantor Fitzgerald bumped its target to $2,000 on June 29, and Barclays matched that level on June 25. Cantor had previously held a $1,500 target.
Micron’s Benzinga Edge scores back up the bullish case: momentum score of 99.62, quality score of 97.83, and a growth score of 85.15. The only soft spot is valuation, which scores just 24.83 — a reflection of how far and fast the stock has run.
As of Thursday’s premarket, MU was trading at $1,009.76, down 2.18%.
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