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A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., June 24, 2026.
Brendan McDermid | Reuters
U.S. stock futures rose early Thursday, boosted by a blowout Micron Technology earnings report, as traders looked ahead to the release of a key inflation reading for May.
S&P 500 futures and Nasdaq 100 futures climbed 0.5% and 1.8%, respectively. Futures tied to the Dow Jones Industrial Average were flat.
Shares of Micron surged almost 15% in Wednesday's extended trading after the chipmaker reported fiscal third-quarter results that topped analysts' expectations. Micron also guided for current-quarter revenue of $50 billion, up from $11.3 billion a year earlier and above the $43.58 billion forecast.
Fellow semiconductor stock Qualcomm also gained 14% after raising guidance for its non-handset revenue in fiscal 2029, calling for $40 billion. That's up from an earlier forecast of $22 billion. Other chip names, such as Sandisk, Western Digital, Lam Research, KLA and Applied Materials all rose in sympathy.
Both the broader S&P 500 and tech-dominant Nasdaq Composite fell in the day's regular session, with the indexes respectively losing 0.10% and 0.43%. The blue-chip Dow bucked the trend, rising 182.06 points, or 0.35%.
Asia-Pacific markets were mixed in afternoon trade. South Korea's Kospi led gains, advancing more than 5%, while Japan's Nikkei 225 added around 4%. Australia's benchmark S&P/ASX 200 was 0.51% lower, while Hong Kong's Hang Seng index fell 1.37%. China's CSI 300 added 1.61%.
Ryan Detrick, chief market strategist at Carson Group, noted that the market rotation out of technology stocks in recent sessions is actually constructive for the larger equity setup this year.
"In other words, breadth expanded," he said on CNBC's " The Exchange" on Wednesday afternoon. "Technology is going lower, but it is rotating, and I've been coming on the network for a while, saying we like industrials, we like financials. To see this rotation is really a good sign … I think it's constructive. Have a little break in June — June swoon — not overly surprising."
On Wednesday, the White House asked Congress for $87.6 billion in supplemental spending to pay for the Iran war, among some other expenses. Congressional Democrats immediately opposed the request, which was made by Office of Management and Budget Director Russell Vought in a letter to House Speaker Mike Johnson.
On Thursday morning, investors will be watching for May's personal consumption expenditures price index reading, the Federal Reserve's preferred inflation gauge. Economists polled by Dow Jones expect the headline index to rise 0.5% on a monthly basis, slightly higher than April's 0.4% gain, and 4.1% on a yearly basis, again larger than April's rise of 3.8%.
Excluding volatile food and energy prices, consensus sees the core PCE gaining 0.3% month-over-month and 3.4% year-over-year. Both those estimates are higher than April's respective core PCE readings of 0.2% monthly and 3.3% over the prior 12 months.
McCormick, Commercial Metals, Darden Restaurants and Winnebago will report earnings before Thursday's opening bell. Traders will also watch out for the final first-quarter gross domestic product reading, readings from May's personal income and preliminary durable goods orders indexes, as well as initial jobless claims from the week ended June 20.
1 Hour Ago
Trip.com's shares fall over 6% on lower 1Q net income
Shares of Trip.com in Hong Kong fell more than 9% after the online travel service provider posted 41% decline in its first-quarter net income on Wednesday.
Net income for its first quarter of 2026 was 2.5 billion yuan ($367 million), compared with 4.3 billion yuan a year ago, partly weighed by share-based compensation charges.
"The Company is and has been the subject of investigations or inquiries by national authorities regarding competition law matters, consumer protection issues, and other areas," it said in a statement on Tuesday.
Trip.com received a notice of investigation from China's State Administration for Market Regulation in January over alleged monopolistic practices.
The company warned that the investigation findings could result in a significant fine or other financial penalties, which could lead to changes to business practice and affect its financial position.
Shares last traded at 9.56% lower at 319.80 Hong Kong dollars.
— Justina Lee
2 Hours Ago
Alibaba's shares fell over 4% amid accusations by peer Anthropic
The Hong Kong-listed shares of Alibaba fell by over 4% after Anthropic accused the Chinese tech company of attempting to extract its artificial intelligence capabilities.
Anthropic sent a letter to U.S. officials accusing Alibaba of "brazenly" and "illicitly" trying to extract its AI capabilities, claiming that the company carried out "the largest known distillation attack on Anthropic to date."
"We believe combating the threat of illicit distillation requires coordinated action between government and industry, and we will continue working with Congress and the Administration to maintain American AI leadership," an Anthropic spokesperson said in a statement.
Distillation is an AI training method in which a small, less capable model is built from the outputs of an existing, stronger model.
Shares of Alibaba last traded 4.78% lower at 94.65 Hong Kong dollars.
— Justina Lee
2 Hours Ago
Oil prices erase wartime gains as supply concerns ease with Hormuz tanker traffic resuming
Oil prices erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz.
U.S. crude for August delivery dropped 1.66% to around $69 a barrel and Brent declined 1.79% to under $73 a barrel, hovering at levels seen before the Middle East war broke out in late February.
More than 20 oil tankers carrying about 35 million barrels of crude have passed through the Strait of Hormuz since the U.S. and Iran reached an agreement to reopen the key shipping route, according to trade-tracking firm Kpler.
The non-Iranian vessels had been stranded in the Persian Gulf for more than three months after Tehran effectively shut the waterway early in the conflict. Most are expected to arrive at destinations in Asia by early August.
— Lee Ying Shan
4 Hours Ago
SK Hynix surges 11% after filing for blockbuster Nasdaq listing
Shares of South Korean chip giant SK Hynix surged 11% on Thursday after the company said it plans to raise as much as $29.4 billion in a U.S. stock market listing.
The company plans to issue 17.79 million new shares in the form of American depositary receipts through a Nasdaq listing, according to a regulatory filing. The offer could raise 45.45 trillion won ($29.65 billion).
Trading is expected to begin July 10, although the company said the timetable remains subject to change.
SK Hynix said the ADR listing would broaden its investor base and allow "its true corporate value to be properly evaluated."
"We expect to elevate our status as a global company by broadening our touchpoints in the United States, the epicenter of AI technological innovation," the company said.
—Lee Ying Shan
5 Hours Ago
South Korea's Kospi leads gains as Asia-Pacific markets trade broadly higher
Asia-Pacific markets traded broadly higher early Thursday. South Korea's Kospi led gains with an advance of more than 5% near the open, while the small-cap Kosdaq gained 1.32%.
Shares of SK Hynix rose more than 10%, and Samsung gained about 5%. South Korea triggered the Sidecar market-stabilization mechanism due to the moves.
Japan's Nikkei 225 added 1.28% while the Topix rose 0.76%.
Australia's benchmark S&P/ASX 200 was marginally lower.
—Justina Lee
5 Hours Ago
Asia-Pacific markets set to open mixed following tech rout; U.S. key inflation reading in focus
Asia-Pacific markets were set to open mixed on Thursday, as investors keep an eye on an upcoming key U.S. inflation reading for May, while recovering from a tech rout earlier in the week.
Japan's Nikkei 225 was poised to rise, with the Chicago futures contract at 71,480 and its Osaka counterpart last trading at 71,060, compared with the index's previous close of 69,174.97.
Hong Kong's Hang Seng index futures were at 23,322, lower than the index's last close of 23,412.18.
In Australia, futures last traded at 8,810, while the S&P/ASX 200 closed at 8,808.40.
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Tensions in the Middle East continue to ease amid reports that at least 20 oil tankers stranded with 35 million barrels have exited the Strait of Hormuz, after Iran and the U.S. agreed to open the waterway, according to data from Kpler.
"Iran will not have the ability to close the Strait of Hormuz going forward," Energy Secretary Chris Wright said at a New York conference.
— Justina Lee
6 Hours Ago
Six of the 11 GICS sectors end Wednesday higher
Six of the 11 GICS sectors rose on Wednesday to end the session higher.
Gains were led by industrials stocks, which rose 1.18%. This performance was followed by names in the utilities, consumer discretionary and healthcare cohorts, which respectively added 1.05%, 0.80% and 0.79%.
On the other hand, energy stocks fared the worst on Wednesday, shedding 1.73%. Investors also continued to sell information technology stocks, sending the sector down 0.64% and making it the session's second-worst performer.
— Lisa Kailai Han
6 Hours Ago
Chip stocks jump in after hours, boosted by Micron
Chip stocks jumped in Wednesday's after-hours session, lifted by Micron.
Shares of Micron surged almost 15% after the chipmaker reported a fiscal third-quarter beat on both the top and bottom lines.
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In its last quarter, Micron earned an adjusted $25.11 per share on $41.46 billion in revenue. Analysts polled by LSEG were expecting earnings of $20.78 on revenue of $35.84 billion.
The company also guided for current-quarter revenue of $50 billion, up from $11.3 billion a year earlier and above the $43.58 billion forecast. Meanwhile, cloud memory revenue was up over 300% to $13.77 billion.
Fellow semiconductor stock Qualcomm also gained 14% after raising some of its prior targets for its full year 2029.
Other chip names, such as Sandisk, Western Digital, Lam Research, KLA and Applied Materials rose in sympathy with Qualcomm's upgrade and Micron's latest earnings report.
— Lisa Kailai Han
7 Hours Ago
Stock futures rise on Wednesday evening
Stock futures rose on Wednesday night.
Shortly after 6 p.m. ET, S&P 500 futures and Nasdaq 100 futures respectively climbed 0.7% and 1.9%. Dow futures gained 102 points, or 0.2%.
— Lisa Kailai Han
Nasdaq closes lower as chip sell-off resumes; Micron shares extend losses
Sean Conlon6 hours ago
Nasdaq closes 2% lower, led by Micron, as global tech sell-off rattles markets
S&P 500 closes lower as tech stocks slide; SpaceX notches 3-day losing streak
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