US stock futures traded higher on Thursday as investors began the fourth quarter assessing a pullback in Treasury yields, Micron Technology’s latest results and upcoming US employment data.
At 08:33 ET (12:33 GMT), S&P 500 futures were up 0.4%, Dow futures gained 0.5% and Nasdaq 100 futures advanced 0.6%.
Treasury yields eased on Thursday morning following recent increases in the US bond market. Attention was also turning to September employment figures, which could provide further information on labour market conditions and expectations surrounding future Federal Reserve interest-rate decisions.
Micron Reports Earnings Above Expectations
Micron Technology (NASDAQ:MU) reported adjusted earnings of $33.42 per share for its fiscal fourth quarter, exceeding market expectations of $31.16.
The memory chipmaker also forecast adjusted earnings of $38.15 per share, plus or minus $1.00, for the current quarter. That compared with market expectations of $36.02.
Micron shares nevertheless traded slightly lower in premarket trading. The company indicated that gross margins would be slightly softer during the current quarter and forecast higher operating expenses for fiscal 2027.
The results came as markets continued to assess demand associated with artificial intelligence and its implications for semiconductor companies. Chip stocks in Japan, South Korea and Taiwan also advanced during Thursday’s session.
Technology stocks had experienced volatility during September amid concerns surrounding the development and safety of artificial intelligence, while several organisations in the sector have called for a slower pace of AI development.
Investors Await Nike Quarterly Results
Nike is scheduled to release its quarterly results after Thursday’s market close, with investors monitoring the company’s performance under CEO Elliott Hill.
According to the supplied market data, Nike shares have declined by more than 44% since the beginning of the year.
Wall Street Ends September With Mixed Performance
The S&P 500 and Dow Jones Industrial Average declined on Wednesday, while the Nasdaq Composite finished higher as Treasury yields remained elevated.
US Personal Consumption Expenditures inflation for August came in below market expectations. Treasury yields initially remained elevated following the data before easing on Thursday morning.
For September, the S&P 500 declined 0.5% and the Dow fell 4.3%, while the Nasdaq gained 1.9%.
Over the third quarter, both the S&P 500 and Nasdaq recorded their second consecutive quarterly gains and their fifth advances in six quarters. The Dow declined during the July-to-September period.
“Q3 was a difficult one for markets, as the global economy grappled with a fresh inflationary impulse and the resumption of a globally synchronized rate hiking cycle,” Deutsche Bank analysts said in a note.
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