US stock futures moved higher on Wednesday night after Micron Technology reported stronger than expected quarterly results and provided an upbeat revenue outlook. Market participants were also preparing for the release of May’s Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred measure of inflation.
Futures linked to the S&P 500 rose 0.5%, while Nasdaq 100 futures gained 1.9%. Dow Jones Industrial Average futures added 29 points, representing a marginal increase.
Micron Technology shares climbed nearly 15% in extended trading after the company reported fiscal third-quarter earnings and revenue that exceeded analyst expectations. The chipmaker projected current-quarter revenue of $50 billion, up from $11.3 billion in the same period last year and above the $43.58 billion analyst estimate.
The results lifted sentiment across the semiconductor sector. Shares of Sandisk, Western Digital, Lam Research, KLA, and Applied Materials all traded higher in after-hours activity.
Qualcomm shares surged 14% after the company announced higher long-term revenue targets for its non-handset business, now expecting that segment to reach $40 billion in fiscal 2029, up from a previous target of $22 billion. The company also pointed to opportunities in artificial intelligence and data centre markets.
The gains in futures followed a mixed session on Wednesday. The S&P 500 closed 0.10% lower at 7,358.22, while the Nasdaq Composite fell 0.43% to 25,476.64. The Dow Jones Industrial Average rose 182.06 points, or 0.35%, finishing at 51,848.90.
Carson Group Chief Market Strategist Ryan Detrick said during a CNBC interview that recent movement away from technology stocks had led to broader market participation, with investors showing increased interest in sectors such as industrials and financials. RGA Investments Chief Investment Officer Rick Gardner described the pullback in technology stocks as a healthy adjustment following a period of strong gains, noting that earnings expectations for technology companies remain high heading into the next earnings season.
The rotation in equity markets is happening alongside broader institutional repositioning. As covered in JPMorgan’s $165 Billion Rebalancing Warning, large pension funds, sovereign wealth funds, and central banks have been moving out of equities and into fixed income, a dynamic that is adding pressure to equity markets even as individual earnings beats drive short-term gains.
Asian markets traded mostly higher on Thursday. South Korea’s Kospi rose more than 5% at the open, while the Kosdaq gained 1.32%. Japan’s Nikkei 225 advanced 1.28%, and the Topix added 0.76%. Australia’s S&P/ASX 200 was slightly lower.
Oil prices extended their decline, with Brent crude settling at $73.74 per barrel and US West Texas Intermediate crude closing at $70.34 per barrel. Lower oil prices contributed to a decline in Treasury yields, with the benchmark 10-year yield falling below 4.5%.
The White House separately requested $87.6 billion in supplemental spending, including funding related to the conflict involving Iran. Congressional Democrats opposed the request shortly after it was submitted.
Investors are monitoring several economic releases on Thursday, including the final first-quarter GDP reading, personal income data, durable goods orders, and weekly jobless claims. Earnings reports from McCormick, Commercial Metals, Darden Restaurants, and Winnebago are also scheduled before the open.
Micron - Q3 2026 Earnings $MU 1083 [+3.75% AH] ✅ Revenue: $41.46B (Est: $35.59B) ✅ Adjusted EPS: $25.11 (Est: $20.60) Additional Metrics: Adjusted Gross Margin: 84.9% (Est: 81.9%)
As we noted back on June 17, one of the historically weakest times of the year was here. The S&P 500 is currently down 5 days in a row and lower 7 of 8 days. Is this really a surprise?
