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Wall Street Set For Weak Opening As Tech Rally Falters With Micron, Nvidia Edging Lower: Analyst Says Narrow Market Performance To Persists Unless One Of These Materializes

The two-day rally the broader market witnessed could stall, as traders choose to remain cautious ahead of a string of economic catalysts. The negative reaction to Micron Technology, Inc.‘s (NASDAQ:MU) earnings could generate weakness in the tech space. AI stalwart Nvidia Corp.’s (NASDAQ:NVDA) two-day rally is cooling off following its annual shareholder meeting. Bond yields have ticked up, with the 10-year-old Treasury yield holding above the 4.3% mark. Traders may bide their time amid the fluid situation in a bid to see off late Thursday’s presidential debate and Federal Reserve’s preferred inflation gauge due on Friday. Futures Performance (+/-) Nasdaq 100 -0.12% S&P 500 -0.11% Dow -0.16% R2K -0.12% In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) edged down 0.05% at $545.25 and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.08% to $479.98, according to Benzinga Pro data.Cues From Last Session: Stocks closed higher on Wednesday although sentiment remained lackluster throughout the session amid caution. The major averages opened lower and the tech strength kept the Nasdaq Composite Index mostly above the unchanged line but the S&P 500 Index and the Dow Jones Industrial Average traded mostly below the flat line before recovering by the close of the session. Most S&P 500 sector stocks ended weaker, while consumer discretionary stocks found strong buying interest. IT and communications stocks rose modestly. On the Main Street front, new home sales came in weaker than expected, although one could take comfort from the fact that previous months’ readings were upwardly revised. House prices remained ...