US stock futures rise as chips gain on Micron results; GDP data ahead
BENGALURU: US stock index futures rose on Thursday, signalling indexes were nearing their record peaks, as robust earnings from memory-chip maker Micron fuelled optimism around artificial intelligence while investors awaited economic data.
The benchmark S&P 500 and tech-led Nasdaq were nearly 1% below their record peaks at Wednesday's close, supported by the de-escalation in Middle East hostilities.
Chipmakers tracked a 2.7% premarket rise in Micron Technology shares after the company forecast quarterly revenue above estimates, citing growth in demand for its chips used in AI data centres.
Nvidia advanced 1.2% after scaling a fresh all-time high on Wednesday.
Following Federal Reserve Chair Jerome Powell's congressional testimony where he reiterated a wait-and-watch approach on interest rate cuts, reports suggested President Donald Trump could potentially announce a Fed Chair successor as early as September or October in a bid to undermine Powell.
The move could affect the central bank's independence at a time when policymakers are striving to balance the risk of slowing growth and higher inflation, as Trump's wide-ranging tariffs and geopolitical turmoil threaten to drive up prices in the short-term.
For the day, investors are focusing on the Commerce Department's final take on first-quarter GDP due at 10:00 am ET, as well as durable goods data for May and initial jobless claims data at 08:30 am ET.
Traders are pricing in about 63 basis points of rate cuts by the end of 2025, with a 70% chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
At 05:21 am ET, Dow E-minis were up 93 points, or 0.21% and S&P 500 E-minis were up 18.75 points, or 0.31%. Nasdaq 100 E-minis were up 99.25 points, or 0.44% Shares of sportswear company Nike edged up 0.8% ahead of its quarterly results due before the opening bell.
Some of the central bank officials scheduled to speak later in the day include Fed Chicago President Austan Goolsbee, Fed Richmond President Thomas Barkin, Fed Cleveland President Beth Hammack, Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari.
On Friday, the Personal Consumption Expenditures (PCE) report — the Fed's preferred gauge of inflation — will be scrutinised to ascertain tariff-induced price changes in the US economy.
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