Market Performance & Trends - The Dow Jones Industrial Average closed down approximately 80 points, or about 02% [6] - The S&P 500 closed down more than 30 points, or 06% [6] - The Nasdaq Composite closed down almost 1% [6] - The Mag Seven total return index experienced its worst day in over a month, falling 154%, with Amazon and Nvidia dragging down the index [25] Federal Reserve & Economic Commentary - Fed Chair Jay Powell's comments suggested a data-dependent approach to future rate cuts, rather than a commitment to further easing [2][5][29] - Powell noted that some asset prices were elevated compared to historical levels, and equity prices were fairly highly valued, but did not indicate elevated financial stability risks [5] Company Specific News - Micron Technology reported EPS of $303 per share, exceeding estimates of $284 per share, and revenue of $132 billion, slightly above estimates of $1115 billion [10] - Micron's gross margin expanded to approximately 457% [10] - Micron is guiding revenue for its fiscal first quarter in a range of $122 billion to $128 billion, above analysts' estimates of $1191 billion [13] - Paramount Global's stock price increased by approximately 6%, possibly due to speculation about a potential bid for Warner Brothers Discovery [17][18] - Soundhound shares increased by approximately 425% following an announcement of a partnership with Red Lobster to roll out an AI-powered phone ordering agent [23] - Firefly Aerospace's stock price fell 155% after the company's second-quarter revenue came in short of Wall Street expectations [28]