Micron’s stock slumped Monday, just as a longer-term bearish chart pattern appeared for the first time in more than two years, and as Morgan Stanley offered a downbeat outlook for the memory-chip market.
While Moody’s Ratings placed the credit on review for a possible downgrade Friday on fears the strike will put more pressure on free cash flow, and Fitch Ratings said it’s badly timed, S&P said its ratings are not immediately affected by the strike.
The U.S. dollar has been sliding in the run-up to a widely expected interest-rate cut from the Federal Reserve on Wednesday and, depending on the size of the Fed’s move, it could end up weakening further — or it could be a buying opportunity.
