Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Nasdaq leads Wall St futures higher on AI optimism after Micron’s forecast

admin by admin
September 26, 2024
in Stock
0
Nasdaq leads Wall St futures higher on AI optimism after Micron’s forecast
0
SHARES
10
VIEWS
Share on FacebookShare on Twitter

By Johann M Cherian and Purvi Agarwal

(Reuters) -U.S. stock index futures climbed on Thursday after Micron’s upbeat forecast revived the euphoria around artificial intelligence on Wall Street, while investors also awaited economic data and remarks from Federal Reserve Chair Jerome Powell.

Micron Technology (NASDAQ:MU) jumped 14.7% in premarket trading after the memory chip maker forecast higher-than-expected first-quarter revenue, underscoring that demand for memory chips used in AI computing was robust.

The optimism lifted other chip stocks, with Nvidia (NASDAQ:NVDA) rising 1.8%, Advanced Micro Devices (NASDAQ:AMD) advancing 2.2% and Broadcom (NASDAQ:AVGO) adding 1.7%.

Semiconductor equipment companies such as Applied Materials (NASDAQ:AMAT) and KLA Corp also jumped 5.4% and 4.5% respectively.

“Optimism surrounding AI had taken a bit of a backseat in recent weeks. The strong revenue guidance from Micron has revived the AI trade a little bit, reminding the market that AI is still relevant,” said Fiona Cincotta, senior market analyst at City Index.

Meta (NASDAQ:META) led gains among other growth names with a 1.9% rise, a day after unveiling an entry-level version of its Quest line of mixed-reality headsets. Alphabet (NASDAQ:GOOGL) added 1.3%, Tesla (NASDAQ:TSLA) climbed 1.4% and Microsoft (NASDAQ:MSFT) was up 0.8%.

At 7:02 a.m. ET, Dow E-minis were up 209 points, or 0.49%, S&P 500 E-minis were up 45.75 points, or 0.79% and Nasdaq 100 E-minis were up 287.75 points, or 1.43%.

Futures tracking the Russell 2000 small caps index added 1%.

The benchmark S&P 500 and blue-chip Dow have hit multiple record highs since the start of this year and the tech-laden Nasdaq is about 3% away from its own milestone as investors lap up shares of companies that could see a boost to earnings from AI-integration.

Expectations of lower interest rates this year have further strengthened the rally. Focus will now be on jobless claims data for the week ended Sept. 21 and a final second-quarter gross domestic product (GDP) estimate. The reports are due at 8:30 a.m. ET.

Late on Wednesday, Fed Governor Adriana Kugler said she “strongly supported” the central bank’s decision to kick off monetary policy easing with a rare half a percentage point cut last week, as part of an emerging focus on the job market.

The spotlight will now be on Powell’s remarks at a New York conference expected before the market opens for clues on the health of the economy and the outlook for interest rate cuts.

Traders expect the Fed to deliver another outsized cut in November with a 60.8% chance, up from 38.8% a week ago, as per the CME Group’s (NASDAQ:CME) FedWatch Tool.

A host of Fed officials, including John Williams, Michael Barr, Michelle Bowman and Neel Kashkari are also scheduled to speak later in the day.

Among others, copper miners such as Freeport-McMoRan (NYSE:FCX) rose 4.9%, while lithium miners such as Albemarle (NYSE:ALB) climbed 4.3% and Arcadium added 2.7% after a report said China plans to issue special sovereign bonds worth about 2 trillion yuan as part of a fresh fiscal stimulus.

The optimism also spread to U.S.-listed Chinese firms such as Li Auto (NASDAQ:LI) that advanced 8%, PDD Holdings rose 8.2% and Alibaba (NYSE:BABA) added 6%.

Accenture (NYSE:ACN) gained 6.8% after the IT services provider forecast annual revenue above estimates.

This post appeared first on investing.com

Previous Post

Innovative eyewear Inc insider buys shares worth over $1.8 million

Next Post

Accenture announces $4 billion share buyback as AI powers strong quarterly revenue

admin

admin

Next Post
Accenture announces $4 billion share buyback as AI powers strong quarterly revenue

Accenture announces $4 billion share buyback as AI powers strong quarterly revenue

Trending News

Affirm stock price analysis: to go beast mode as golden cross forms

Affirm stock price analysis: to go beast mode as golden cross forms

October 13, 2024
China boosts oil imports from Brazil and West Africa as sanctions reshape sourcing

China boosts oil imports from Brazil and West Africa as sanctions reshape sourcing

February 19, 2025
US-China trade tension is a ‘huge opportunity’ for Latin America

US-China trade tension is a ‘huge opportunity’ for Latin America

April 28, 2025
Subscribe to Insightful Word


    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025
    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    August 7, 2025
    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    Goldman Sachs boosts Nvidia price target to $200 ahead of Q2 earnings

    August 7, 2025

    Recent News

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    Dow futures soar 250 points today: 5 things to know before Wall Street opens

    August 7, 2025
    Affirm stock price is rising: is it a buy before earnings?

    Affirm stock price is rising: is it a buy before earnings?

    August 7, 2025

    Latest News

    • Dow futures soar 250 points today: 5 things to know before Wall Street opens
    • Affirm stock price is rising: is it a buy before earnings?
    • Intel stock plunges sharply after Trump calls on CEO to resign: here’s why rebound may take time

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.