WS #10630

The dominant signal in this window is the release of Micron Technology's blockbuster fiscal Q3 earnings, which crushed estimates with revenue of $41.46B (vs $35.25B est) and Non-GAAP EPS of $25.11 (vs $20.28 est), driving shares up ~10% after hours. This provides a powerful positive catalyst for the semiconductor and AI memory trade (MU, SMH, NVDA). Separately, Qualcomm raised its FY29 non-handset revenue target to $40B (roughly 2x prior target) and announced an expanded relationship with Hugging Face, sending shares higher. On the financial sector front, the Fed stress test results were released, confirming all 32 major US banks passed, and several large banks announced capital actions: Goldman Sachs plans to raise its quarterly dividend from $4.50 to $5.00 per share, Morgan Stanley announced a $20B buyback plan, and BNY Mellon intends to increase its dividend by 19% to $0.63 per share. These actions signal strong capital positions and confidence, bullish for the financial sector (GS, MS, BNY). Bitcoin fell to a 20-month low below $60,000, reflecting continued crypto weakness. Geopolitically, Trump commented on a school attack in Minab and sent an $87.6B supplemental budget request to Congress. A federal judge permanently blocked Trump's voter suppression executive order. The dominant narrative is STABLE with bullish semiconductor and financial sector signals, while crypto remains bearish.