Micron will report earnings after the close, with options pricing in a 7% move, slightly below its four-quarter average of 8%. Options flows show a bullish tilt: 61,000 calls bought versus 37,000 puts, with 75% of the $1.6 billion in premium traded concentrated in calls. The put-to-call ratio near a one-year low and high open interest in 1,000-strike puts suggest potential support if earnings disappoint. The main identified risk is rising interest rates, with bonds selling off at the fastest pace of the year.
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