Chipmakers drag Wall Street lower after Micron’s warning

Aug 9: The tech-heavy Nasdaq fell on Tuesday after a dismal forecast from Micron Technology dragged chip and technology stocks lower, while investors remained cautious ahead of inflation data that will feed into the U.S. Federal Reserve’s rate-hike plans.

A high inflation print on Wednesday, following last week’s strong jobs numbers, will likely push the Fed to continue with jumbo rate hikes and weigh on a recent recovery in stocks.