Investors brace for Micron earnings as chip stocks swing and Nasdaq slides more than 5%

Micron Technology is set to report fiscal third-quarter results after the close on Wednesday, with analysts on average expecting profit to surge more than 1,000% year on year and revenue to climb nearly 285%. With the stock seen as priced for perfection, investors are on guard for any sign of softer guidance, slowing demand, margin pressure or a cautious tone from management. The semiconductor sector has already been volatile, and the Nasdaq is down more than 5% this week as global tech shares come under pressure.