NEW YORK, June 25, 2026, 06:01 EDT
- Nasdaq 100 futures climbed 2.15% to 30,149.25 as of 5:50 a.m. EDT. S&P 500 futures were up 0.72%. Dow futures edged higher by 0.10%. Russell 2000 futures ticked up 0.13%.
- Micron Technology (NASDAQ:MU) surged 17% before the bell. SanDisk (NASDAQ:SNDK), Western Digital (NASDAQ:WDC), and Qualcomm (NASDAQ:QCOM) also moved higher in early trading.
- Markets get the May Personal Income and Outlays report and the third estimate for Q1 GDP at 8:30 a.m. EDT.
Stock index futures in the U.S. traded higher ahead of Thursday’s open, though gains were limited. The gap between Nasdaq and Dow stands near two percentage points. AI chip names are drawing demand again, but industrials and small caps are nearly unchanged.
Dow gained 0.35% on Wednesday, but the S&P 500 slipped 0.10% and Nasdaq Composite fell 0.43%. It wasn’t a straightforward red day. Reuters said concerns over hyperscaler spending fueled by debt and a hawkish Fed have wiped over $1 trillion off the Nasdaq 100 this week.
Micron Technology (NASDAQ:MU) posted a jump in revenue to $41.46 billion for June 24, up from $9.30 billion a year ago. The chipmaker is guiding for fourth-quarter revenue of $50.0 billion, give or take $1.0 billion. CEO Sanjay Mehrotra said the numbers point to the “strategic value of memory in the AI era” and confirmed Micron is “investing at record levels.” GlobeNewswire
Investors might focus less on Micron’s quarterly numbers and more on the long-term deals. The company reported $22 billion in customer commitments across 16 strategic agreements, which include take-or-pay terms, cash deposits, and price floors. Micron put its remaining performance obligations at roughly $100 billion. Sumit Sadana, chief business officer, told Reuters the five-year take-or-pay contracts are new for the industry.
Daniel Newman, CEO at Futurum Group, said the “AI build out has been underestimated at every turn.” Jake Behan, who runs capital markets at Direxion, took a harder line. “The bull case is built on tightness,” he said. If supply comes back, “pricing power is the first thing at risk.” Reuters
Qualcomm (NASDAQ:QCOM) laid out a new growth plan. The company now targets over $15 billion in data-center revenue by fiscal 2029. It says Microsoft (NASDAQ:MSFT) and Meta Platforms (NASDAQ:META) will use its new AI chips, and expects revenue from two unnamed hyperscale custom-chip clients to begin before the end of the year. “We will be truly diversified,” CFO Akash Palkhiwala said. Data-center lead Tony Pialis said customers were “pulling us in.” Reuters
That matters for futures since Qualcomm is touting chips that use less expensive memory, unlike the high-bandwidth chips in Nvidia (NASDAQ:NVDA) processors. If Qualcomm’s design grabs share, it may put a ceiling on some of the premium-memory margins that investors are buying into this morning.
Capital.com’s Daniela Hathorn said Micron’s numbers offered “fresh reassurance” about the AI investment cycle. Ipek Ozkardeskaya at Swissquote Bank flagged that a stronger inflation reading “could further embolden Fed hawks.” Reuters
FedEx (NYSE:FDX) put some pressure on premarket trade outside the chip sector. The company’s main Federal Express unit saw its operating margin drop to 7.7% from 8.4% as wage, outsourced transport, and fuel costs increased. Shares dropped after hours even with FedEx forecasting 11% revenue growth for 2026.
Treasury yields edged up. The 10-year was last at 4.415%, up 2.4 basis points, MarketWatch said. Core PCE is forecast to climb 0.3% for the month and 3.4% year over year. CME FedWatch tracked the odds of a September rate hike at 65.4%.
