Dow closes 400 pts lower as US crude oil tops $100 and Fed rate-hike bets rise

Impact · against what's priced in

Rising 10-year yields and Fed rate-hike bets create a valuation headwind for semiconductor names, primarily by compressing the multiples of long-duration growth assets. For MU and INTC, this macroeconomic pressure acts as a catalyst for price decline, as the market is already skeptical of their long-term earnings power and structural turnarounds.

MU−0.40

Challenges what's priced in

The price assumes