Stocks staged a tentative recovery on Wednesday from a rout in technology shares, while the dollar marched up to one-year highs. Technology stocks edged up ahead of earnings from chipmaker Micron, but sentiment remained fragile and investors opted for safer havens such as the dollar. The dollar rose for a third straight day against a basket of major currencies to its highest in a year, with strategists at Scotiabank citing a sizeable 'fear premium' from lingering geopolitical concerns. Oil prices fell more than 2%, trading near four-month lows, on signs that more tankers stranded in the Gulf are set to move out of the Strait of Hormuz. The euro traded around its lowest in a year, down for a third day at $1.1345, while the yen weakened to around 161.695, keeping markets on edge over potential currency intervention.
Micron Technology IncMicron is mentioned as a chipmaker with upcoming earnings, but the article only notes a tentative tech recovery, not specific results or guidance.