Y'all Street Daily
A global semiconductor selloff led by SK Hynix and Samsung dragged US chipmakers lower, with all eyes now on Wednesday's Federal Reserve decision.
Market Snapshot
All figures are indicative opening levels as of this morning, July 28.
The tape split cleanly on Monday, with the Dow up around 0.51% on a rotation into cyclicals while the Nasdaq slipped around 0.18% as chip names bled.
Gold and silver both gave back ground as the dollar firmed to around 101.53 ahead of Wednesday's Fed decision.
The VIX sat around 18.67, so this reads as a sector rotation rather than broad panic.
The three biggest movers are all chipmakers.
Micron closed down around 2.25%, Nvidia fell around 4.99%, and AMD dropped around 5.17%, and all three fell further in Tuesday's premarket as the memory selloff carried into a second session.
Main Story
The memory-chip trade cracked overnight and the damage is spreading across the whole semiconductor complex.
SK Hynix closed down around 14.65% and Samsung fell more than 13% in Asia after Chinese memory maker CXMT surged around 466% on its Shanghai debut and raised around $8.6 billion, with Micron, Nvidia and AMD all following lower.
The mainstream read is that CXMT's debut, plus reports of Chinese progress in DRAM and lithography, threatens memory pricing power into 2027.
What the market may be missing is that with the VIX still subdued and money rotating into cyclicals, this could be healthy profit-taking in a crowded trade rather than the start of a broad AI repricing.
Chart of the Day
Micron is the cleanest picture of the pain, down from a June record around $1,255 to around $900.20 at Monday's close.
The slide accelerated Friday with a roughly 7% drop and kept going Monday, with premarket prints Tuesday near $839.
The stock is now testing the low end of its one-month range, and how it holds there tells you whether buyers still see a dip or a top.
Technical Trading
A few specific levels worth watching after Monday's close.
Micron closed around $900.20, its first close below the round $1,000 mark and roughly 28% off the June record near $1,255, with first support around Monday's intraday low of $855.
Gold slipped under its prior $4,075 close to around $4,050, with the session floor around $4,035 as first support, while silver eased to around $57.61 after tagging $56.90.
The VIX held around 18.67 even as chips sold off, a sign the stress is contained to one sector rather than the broad market.
Broader Markets
SK Hynix fell around 14.65% and Samsung dropped more than 13% overnight, the epicenter of a memory-chip selloff now circling the globe.
The IMF's July outlook sees global headline inflation rising to around 4.7% in 2026 from 4.1%, a stalled-disinflation call that keeps the higher-for-longer narrative alive.
The Federal Reserve decides rates Wednesday, with a hold at 3.50 to 3.75 percent widely expected and the tone on inflation the real market mover.
Oil eased, with WTI around $81.32 and Brent around $86.82, as US and Iran talks and restored CPC exports cooled the geopolitical premium.
Apple and Micron are clashing over Chinese memory chips, with Apple lobbying to use them and Micron pushing to block the move.
Texas News
Baker Hughes closed its roughly $13.6 billion acquisition of Chart Industries, folding LNG, data-center and carbon-capture technology into a new operating segment.
Prosperity Bancshares also completed its roughly $2 billion purchase of Stellar Bancorp, expanding one of the largest Texas-headquartered banking networks.
Looking Ahead
Wednesday, July 29: The Federal Reserve's rate decision and press conference land, and with a hold near certain, the language on stalled disinflation is what moves the dollar.
Wednesday, July 29: EIA weekly crude inventories follow, with the API pointing to a draw of around 1.5 million barrels that could steady oil near $80.
This week: A wave of megacap tech earnings tests whether the rotation out of chips and into cyclicals has staying power.
The Y’all Street Podcast
Episode 46 has Evan sitting down with Trey Bowles, serial entrepreneur and co-founder of 1845 Ventures, on building companies and helping founders turn ideas into scalable businesses. He digs into what he looks for in founders, why validating customer demand comes before raising capital, and why Dallas-Fort Worth has become one of the country's fastest-growing innovation hubs.
Prices from Rio Times, StockAnalysis and CNBC. Technical levels from Investing.com and Barchart. News from Reuters, CNBC and Invezz.
For informational purposes only. Not investment advice. Prices are indicative opening levels and may differ from your broker.