On June 23, GraniteShares 2x Long MU ETF (MULL) fell 8.54% overnight, trading at $988.0/share, with turnover of $26.36 million. The leveraged ETF, which tracks Micron Technology at 2x exposure, declined as investors appeared to de-risk ahead of Micron's highly anticipated fiscal Q3 earnings report scheduled for Wednesday after market close.

Morgan Stanley's strategy team led by Mike Wilson warned that U.S. equities face a major test, citing Fed balance sheet reduction tightening liquidity and corporate earnings revision momentum peaking. The team cautioned that the Fed may not intervene to support markets through short-term pain. Micron's earnings report was specifically flagged as a potential volatility catalyst given its outsized influence on S&P 500 earnings growth.

While Wall Street remains overwhelmingly bullish — with multiple banks raising targets to $1,200-$1,500 and consensus expecting nearly 1,000% year-over-year EPS growth — the stock has surged approximately 297% year-to-date and over 8x in the past year, creating conditions for pre-earnings profit-taking amid elevated valuations and heightened expectations.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)