S&P 500 futures gained about 0.7% while Nasdaq 100 futures jumped roughly 2.2%, reflecting strong momentum in AI-linked technology shares. Dow Jones Industrial Average futures rose between 0.3%, indicating comparatively modest gains for blue-chip stocks.
Micron surged more than 16% in premarket trading after reporting fiscal third-quarter revenue of $41.46 billion, well above analyst expectations, driven by robust demand tied to artificial intelligence infrastructure. The company also forecast revenue of about $50 billion for the current quarter, reinforcing optimism around the ongoing AI-led semiconductor cycle.
The rally in Micron lifted sentiment across the chip sector, with Qualcomm jumping 11.7% after raising its long-term revenue outlook. Other semiconductor names including Sandisk, Western Digital, Lam Research, KLA, and Applied Materials also advanced, while European chip stocks such as ASMI, Be Semiconductor, and Soitec rose in sympathy.
Investor attention now shifts to the Personal Consumption Expenditures (PCE) Price Index for May, the Federal Reserve’s preferred inflation measure, which is expected to provide critical signals on the interest rate trajectory after recent inflation readings came in hotter than expected.
In energy markets, oil prices slipped, with Brent crude falling below $73 a barrel and West Texas Intermediate dipping under $70, receding from recent highs.
According to a Yahoo Finance report, Apollo Global Management chief economist Torsten Sløk noted that the narrative around oil is shifting — from “lower oil prices mean lower inflation” to concerns that weaker oil may signal stronger demand in an already overheated economy, which could ultimately keep inflation elevated.
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