Placeholder Day Ahead of Micron & Core PCE: Hyperscalers Weaken and Prices Meet Necklines

Today turned out mostly as expected… a placeholder day ahead of Micron earnings and Thursday morning’s core-PCE (Fed’s favored inflation indicator, unless Warsh has different ideas about the data the Fed favors moving forward). Semis  saw a very modest retreat, mega caps saw a more meaningful decline with Hyperscalers leading the way lower. Mega Caps…