Tech stocks jumped before the bell on Thursday as blowout Micron (MU) earnings helped boost sagging confidence in the AI trade and a fresh inflation report showed prices rising again in May.
Nasdaq 100 futures (NQ=F) shot up 2.4%, while those on the S&P 500 (ES=F) rose 0.8%, following several tough days for Wall Street stocks. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, edged up 0.3%.
Micron's record-setting quarterly results relieved Wall Street jitters over lofty AI valuations and spending. Its shares rocketed more than 18% in premarket after the company's sizeable earnings beat and stronger-than-expected outlook signaled healthy demand for its memory chips.
Meanwhile, Qualcomm (QCOM) announced a move beyond smartphones into data center products such as chips and servers, in a bid to cash in on the AI boom. Its stock rose over 12% after it set a target of $15 billion in related new revenue.
In another lift to spirits, oil prices fell back to levels not seen since the Iran war, down over 1% as supply flooded back through the Strait of Hormuz. Brent crude futures (BZ=F) dropped to less than $73 a barrel, while West Texas Intermediate futures (CL=F) broke below $70.
Nasdaq 100 futures (NQ=F) shot up 2.4%, while those on the S&P 500 (ES=F) rose 0.8%, following several tough days for Wall Street stocks. Contracts on the Dow Jones Industrial Average (YM=F), which includes fewer tech names, edged up 0.3%.
Micron's record-setting quarterly results relieved Wall Street jitters over lofty AI valuations and spending. Its shares rocketed more than 18% in premarket after the company's sizeable earnings beat and stronger-than-expected outlook signaled healthy demand for its memory chips.
Meanwhile, Qualcomm (QCOM) announced a move beyond smartphones into data center products such as chips and servers, in a bid to cash in on the AI boom. Its stock rose over 12% after it set a target of $15 billion in related new revenue.
In another lift to spirits, oil prices fell back to levels not seen since the Iran war, down over 1% as supply flooded back through the Strait of Hormuz. Brent crude futures (BZ=F) dropped to less than $73 a barrel, while West Texas Intermediate futures (CL=F) broke below $70.
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