US stock futures rise early Thursday, lifted by strong results from chipmaker Micron Technology. The S&P 500 and Nasdaq are now inching closer to record highs. Investors are also watching key economic data set to drop later today.
Micron shares jumped nearly 3% in premarket trading. The company’s upbeat forecast, powered by growing demand for AI data center chips, has given markets a fresh jolt. Nvidia followed the lead, climbing 1.2% after hitting a new all-time high yesterday.
This surge in chip stocks is once again showing the power of the artificial intelligence trend in driving Wall Street gains. Tech-heavy indexes like the Nasdaq are just 1% off their record highs.
AI Chips Keep Markets Energized
Micron’s earnings didn’t just beat estimates—they shouted confidence. The company expects higher demand for memory chips in AI servers, and investors are listening. This comes after months of volatility tied to rate fears and global tensions.
The AI boom isn’t new, but every time a major chipmaker reports solid growth, it breathes new life into the market rally. Nvidia, a favorite among AI bulls, has already been the poster child of this story. Now, Micron joins the club.
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Eyes on the Economy: GDP, Jobs, and Inflation
While stocks cheer the tech rally, traders are also waiting on major economic numbers. The Commerce Department will release final Q1 GDP data at 10:00 a.m. ET. Durable goods and initial jobless claims arrive earlier at 8:30 a.m. ET.
These numbers could give fresh clues about where the economy is heading. Wall Street still sees a possible rate cut in September. The CME FedWatch tool shows a 70% chance of a 25-basis-point cut.
Friday brings the PCE report, the Fed’s favorite inflation gauge. It will show if tariffs and global tensions are pushing up prices. Traders are already bracing for what comes next.
Trump Eyes Powell’s Seat, Markets Watch Closely
Fed Chair Jerome Powell kept a steady tone this week, sticking with the “wait-and-see” play on interest rates. But fresh reports say Donald Trump could announce a new Fed Chair pick by September or October.
If true, this move could rattle the Fed’s independence and affect long-term rate policy. With tariffs rising and inflation a concern, investors are watching Washington as much as Wall Street.
Today’s Market Snapshot
- Dow Futures: +93 points (+0.21%)
- S&P 500 Futures: +18.75 points (+0.31%)
- Nasdaq Futures: +99.25 points (+0.44%)
- Nike Shares: +0.8% ahead of earnings
Several Fed officials will speak later in the day, including Thomas Barkin and Neel Kashkari. Their comments could steer market expectations ahead of Friday’s PCE release.
