Micron Earnings Lift Tech Mood as US Futures Trade Mixed
Micron beat earnings expectations and raised its outlook, while traders weighed Treasury yields and a busy schedule of economic reports.
US stock futures opened the new month mixed as Micron’s earnings lifted sentiment toward technology shares. Dow futures fell 0.4%, while S&P 500 futures added 0.1% and Nasdaq-100 futures rose 0.6%.
Micron shares were little changed after the company beat Wall Street’s expectations for fourth-quarter earnings and raised its first-quarter outlook. Investors also kept watch on the bond market.
In September, the S&P 500 fell 0.4% and the Dow lost about 4.3%, while the Nasdaq Composite gained 1.8%. Treasury yields surged, and the Dow also posted a loss for the third quarter.
Technology shares helped support the Nasdaq. Nvidia rose 5% in September and AMD gained 30%, while persistently high Treasury yields and oil prices weighed on the wider market.
Investors are watching a Thursday report on layoff plans from Challenger, Gray & Christmas, along with manufacturing data. Those reports add to a week of labor-market updates ahead of Friday’s monthly jobs report.
Nike is due to report earnings after the market closes. The results will offer a view of its turnaround efforts, as the stock trades at its lowest levels since 2014.
This article was produced with the help of AI technology.
Source: Yahoo Finance
