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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.
Futures for the Dow Jones Industrials rebounded 125 points, or 0.2%, to 52,404.
Futures for the S&P 500 index jumped 54.25 points, or 0.7%, to 7,482.50.
Futures for the NASDAQ Composite popped 658.50 points. or 2.2%, to 30,172.75.
Micron surged 16% after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations.
Fellow semiconductor stock Qualcomm gained 11.7% after raising guidance for its non-handset revenue in fiscal 2029, with other chip names, such as Sandisk, Western Digital, Lam Research, KLA and Applied Materials all rose in sympathy.
Chip stocks in Europe also posted gains in Thursday’s trading session, with ASMI, Be Semiconductor and Soitec all rising sharply.
Investors will be watching for May’s personal consumption expenditures price index reading on Thursday morning, 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%.
In Japan, the Nikkei 225 vaulted 4.6% Thursday, while in Hong Kong, the Hang Seng fell 1.4%.
Oil prices gave way 94 cents to 69.40 cents U.S. a barrel.
Gold prices slumped $8.70 to $4.000.10 U.S an ounce.
