For most of the session yesterday, stocks just drifted as Wall Street waited on Micron's earnings. The Dow eked out a gain, the S&P finished flat, and the Nasdaq slipped as chips dipped.

Crude cratered almost 5% to about $70 a barrel, its lowest in four months, as tankers flowed freely through the Strait of Hormuz again. Cheaper oil eases inflation fears, which pushed the 10-year Treasury yield down — and that's a tailwind for small caps. So the Russell 2000 rose even as megacap tech dragged.

After the bell rang, and Micron stole the show. The memory-chip maker reported revenue that nearly doubled from the prior quarter, blew past profit expectations, and — the part investors wanted most — guided next quarter to around $50 billion, far above forecasts. The stock ripped 15%+ after hours. The read-through is bigger than one company: the AI build-out is still starving for memory, and supply can't keep up.

Where things closed: Dow 51,848.90 (+0.35%) S&P 500 7,358.22 (-0.10%) Nasdaq 25,476.64 (-0.43%) Russell 2000 2,986.63 (+0.37%) WTI Oil $69.85 (-4.59%)A few more: all 32 big banks passed the Fed's stress test (a green light for dividends and buybacks), meme traders squeezed Wendy's up 26%, and Alphabet is joining the Dow.

All eyes on this morning's PCE inflation report. Save this for later, and follow for a plain-English market update every morning.

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