Good afternoon and welcome to Markets Desk.
Micron Technology is giving back its post-earnings gains in a hurry. The memory chipmaker surged after a strong quarterly report, but sellers stepped in hard to start the week, nearly erasing the entire move. Traders are split on whether the pullback is a buying opportunity or a sign that the rally ran too far, too fast.
Shifting to softer commodities, sugar prices are climbing for a third straight session, with New York world sugar hitting a three-week high and London white sugar reaching its highest level in nearly ten months. The catalyst is weakening monsoon rainfall across India, one of the world's largest sugar producers, raising concerns about crop yields and tightening global supply at a moment when demand remains firm.
And in telecom, Charter Communications is soaring after reports of a potential partnership with SpaceX's Starlink. The arrangement could give Starlink a path into the wireless market while giving Charter a competitive edge it badly needs. Rival telecoms are sliding on the news, reading the SpaceX move as a threat to their own subscriber bases and pricing power.
That's the tape. Markets Desk, signing off the floor.
