United States stock futures edged higher on Wednesday night (Thursday AEST), supported by a strong earnings performance from Micron Technology, as investors turned their attention to upcoming U.S. inflation data.
By 10 am AEST (12 am GMT), Dow futures, S&P 500 futures and Nasdaq 100 futures were up 0.1%, 0.6% and 2.0% respectively.
Micron Technology shares surged 15.8% in after-hours trading following the release of fiscal third-quarter results that exceeded market expectations.
Earnings per share came in at $25.11, compared with forecasts of $20.86, while revenue reached $41.46 billion versus expectations of $35.91 billion.
The semiconductor group also issued strong forward guidance, projecting current-quarter revenue of $50 billion, up sharply from $11.3 billion a year earlier and above analyst estimates of $43.58 billion.
Rival chipmaker Qualcomm also advanced, rising 12.8% after lifting its long-term outlook for non-handset revenue. The company now expects $40 billion in revenue by fiscal 2029, up from a previous forecast of $22 billion, highlighting continued strength in semiconductor demand.
During the previous trading session, U.S. equities finished mixed. The S&P 500 slipped 0.1%, and the Nasdaq Composite fell 0.4%, while the Dow Jones Industrial Average gained 0.4%.
Investors are now focused on the upcoming release of the U.S. Personal Consumption Expenditures (PCE) price index for May, the Federal Reserve’s preferred inflation gauge.
Markets expect the headline PCE index to rise 0.5% month-on-month, slightly above April’s 0.4% increase, and to increase 4.1% year-on-year, compared with 3.8% previously.
Excluding food and energy, core PCE is forecast to rise 0.3% month-on-month and 3.4% year-on-year, both marginally higher than April’s readings of 0.2% and 3.3%, respectively.
In corporate earnings, McCormick, Commercial Metals, Darden Restaurants and Winnebago are scheduled to report results before the opening bell.
Markets will also digest a series of key U.S. economic releases, including the final first-quarter gross domestic product (GDP) reading, May personal income data, preliminary durable goods orders, and weekly initial jobless claims for the week ending 20 June, all of which will help shape expectations for Federal Reserve policy in the months ahead.
