Tech news in 3 minutes
S&P 500 futures rise as Micron surges after earnings; South Korea's Kospi rallies more than 5%
U.S. stock futures rose on Wednesday night, driven by a strong earnings report from Micron Technology. S&P 500 futures and Nasdaq 100 futures gained 0.5% and 1.9%, respectively, while Dow futures added 29 points. Micron surged nearly 15% in extended trading after reporting fiscal third-quarter results that beat expectations, guiding current-quarter revenue to $50 billion—up from $11.3 billion a year earlier and above the $43.58 billion forecast. Qualcomm also rose 14% after raising its fiscal 2029 non-handset revenue guidance to $40 billion from $22 billion. Other chip stocks, including Sandisk, Western Digital, Lam Research, KLA, and Applied Materials, gained in sympathy. In regular trading Wednesday, the S&P 500 fell 0.10%, and the Nasdaq Composite lost 0.43%, while the Dow Jones Industrial Average rose 182 points (0.35%). Asia-Pacific markets traded broadly higher early Thursday, with South Korea's Kospi leading gains, up over 5%, Japan's Nikkei 225 adding 1.28%, and Australia's S&P/ASX 200 marginally lower. Ryan Detrick, chief market strategist at Carson Group, said the recent rotation out of technology stocks is constructive, noting expanding breadth and favor for industrials and financials. He described the June pullback as not surprising. On Wednesday, the White House requested $87.6 billion in supplemental spending from Congress for the Iran war and other expenses, but Congressional Democrats immediately opposed the request. Investors are now focused on Thursday's release of May's personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge. Economists expect the headline index to rise 0.5% month-over-month and 4.1% year-over-year, both higher than April's readings. Core PCE (excluding food and energy) is expected to gain 0.3% monthly and 3.4% annually, also above April's figures. Other key data due Thursday include final first-quarter GDP, May personal income, preliminary durable goods orders, and weekly jobless claims. Earnings reports from McCormick, Commercial Metals, Darden Restaurants, and Winnebago are also expected before the bell.