Stock Market Today: Dow, S&P 500, Nasdaq Futures Rise as Micron Eases AI Jitters Ahead of PCE

U.S. stock index futures pushed higher on Thursday morning, driven by a surge in semiconductor shares after memory-chip maker Micron Technology delivered a robust revenue forecast. The positive outlook from Micron helped soothe recent market anxieties regarding the sustainability of the artificial intelligence (AI) boom, which has propelled equity markets to record highs this year. Investors are also striking a cautious but optimistic tone as they await critical macroeconomic data, most notably the upcoming Personal Consumption Expenditures (PCE) price index report.

Micron Technology surged over 14% in premarket trading following an earnings report that beat Wall Street expectations, fueled by soaring demand for its high-bandwidth memory chips used in advanced AI processors. This performance lifted industry peers like Nvidia, Advanced Micro Devices, and Broadcom, offering a much-needed reprieve to a technology sector that had recently faced bouts of profit-taking and valuation concerns. Market analysts noted that the update provides fundamental validation for the tech sector's high valuations, suggesting that the hardware buildout phase of the AI cycle remains robust.

Beyond the technology sector, the broader market's attention is firmly fixed on Friday's upcoming release of the PCE price index, the Federal Reserve’s preferred gauge of inflation. Economists expect the data to show inflation continuing its gradual descent toward the central bank's 2% target. A reading that aligns with or falls below expectations could bolster the case for the Federal Reserve to implement further interest rate cuts later this year, following its aggressive 50-basis-point reduction earlier this month. Conversely, any unexpected signs of sticky inflation could dampen expectations for near-term monetary easing.

As the final trading sessions of the quarter approach, the major averages remain poised for solid gains. Ahead of the opening bell, market participants are also monitoring secondary economic indicators, including weekly jobless claims and the final reading of second-quarter Gross Domestic Product (GDP) growth. Overall, the combination of strong corporate earnings in structural growth areas and a supportive macroeconomic backdrop continues to keep the broader upward momentum alive, even as near-term volatility persists.