Key Moments
- U.S. equity futures traded mixed, with Dow futures lower while S&P 500 and Nasdaq 100 futures edged higher by 05:25 ET (09:25 GMT).
- Micron (NASDAQ: MU) delivered fiscal fourth quarter earnings and guidance that topped expectations, yet its shares hovered just below unchanged in premarket trading.
- Despite recent bond market turmoil and geopolitical tensions, the Nasdaq and S&P 500 booked a second straight quarterly gain, while the Dow declined over the July-September period.
Futures Split as Market Digests Micron Report
U.S. stock index futures showed a mixed pattern on Thursday as investors evaluated fresh earnings from Micron and prepared for a slate of upcoming economic releases.
By 05:25 ET (09:25 GMT), Dow futures were down 141 points, or 0.3%. S&P 500 futures were up 17 points, or 0.2%, while Nasdaq 100 futures advanced 192 points, or 0.6%.
| Contract | Move | Percent Change | Time (ET) |
|---|---|---|---|
| Dow futures | -141 points | -0.3% | 05:25 |
| S&P 500 futures | +17 points | 0.2% | 05:25 |
| Nasdaq 100 futures | +192 points | 0.6% | 05:25 |
Micron Earnings Beat Estimates but Margins Weigh
Micron (NASDAQ: MU) reported fiscal fourth quarter results that exceeded market forecasts, alongside guidance for the current quarter that also came in above expectations.
The company posted adjusted earnings of $33.42 per share, compared with estimates of $31.16 per share. For the current quarter, Micron projected earnings per share of $38.15, plus or minus $1.00, topping street expectations of $36.02.
Despite the upbeat headline numbers, Micron shares traded slightly below flat in premarket U.S. dealing. The memory chip producer pointed to marginally weaker gross margins in the current quarter and signaled higher operating expenses for fiscal 2027.
| Micron Metric | Reported / Guided | Market Expectation |
|---|---|---|
| Adjusted EPS – fiscal Q4 | $33.42 | $31.16 |
| Current-quarter EPS guidance | $38.15 ± $1.00 | $36.02 |
AI Trade Sentiment and Sector Moves
The strong results and outlook from Micron helped bolster conviction in the broader artificial intelligence theme, particularly the view that AI-driven demand will continue to support semiconductor and technology sector valuations in the coming quarters.
Concerns over AI safety had recently unsettled markets, with worries about the pace of development weighing on technology shares in September. Several large frontier labs, led by Claude-maker Anthropic, have called for a slowdown in AI development.
Against this backdrop, global chipmaking stocks rallied on Thursday, with leading names in Japan, South Korea and Taiwan recording gains.
Bond Market Pressure and Data Watch
On Wednesday, the S&P 500 and Dow Jones Industrial Average fell, while the tech-heavy Nasdaq Composite rose as continued selling in bond markets pushed U.S. Treasury yields higher.
Yields climbed again even after August personal consumption expenditures data came in cooler than anticipated, briefly lifting optimism about the inflation trajectory. Market participants are now focused on upcoming U.S. employment data for September, which could shape expectations for the Federal Reserve’s interest rate path.
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