The Stock Market’s June Anti-Swoon? Micron, Oil Prices, and Bond Yields Point the Way.

Stronger-than-expected earnings from Micron Technology an outlook that topped Wall Street forecasts, and a message from CEO Sanjay Mehrotra that there was no “line of sight” for supply keeping pace with increasing demand in the memory chip market will add more than $200 billion in market value to the S&P 500’s star-performing stock since the start of the year. Global oil prices, meanwhile, extended their long monthly retreat in overnight trading, and changed hands at levels last seen prior to the first U.S. attacks on Iran on Feb. 28. The moves peg one-month losses for Brent crude futures, the global pricing benchmark, at nearly 25%, and peg U.S.-focused West Texas Intermediate crude south of the $70 a barrel mark for the first time since February.