US stock futures moved higher on Thursday, pointing to a positive start to October on Wall Street as Treasury yields eased and investors assessed quarterly results from Micron Technology ahead of further US economic data.
At 08:33 ET (12:33 GMT), S&P 500 futures rose 0.4%, Dow futures gained 0.5% and Nasdaq 100 futures advanced 0.6%.
Treasury yields eased on Thursday morning following recent increases in the US bond market. Investors were also looking ahead to September employment data for further information on the US labour market and the potential direction of Federal Reserve monetary policy.
Micron Earnings Beat Expectations
Micron Technology (NASDAQ:MU) reported fiscal fourth-quarter adjusted earnings of $33.42 per share, above expectations of $31.16.
For the current quarter, the memory chipmaker forecast adjusted earnings of $38.15 per share, plus or minus $1.00, compared with market expectations of $36.02.
Despite the earnings and guidance figures, Micron shares traded slightly lower in premarket trading. The company indicated that gross margins would be slightly lower in the current quarter and forecast higher operating expenses for fiscal 2027.
The results came as investors continued to assess demand associated with artificial intelligence and its impact on the semiconductor industry. Chip stocks in Japan, South Korea and Taiwan also moved higher on Thursday.
Concerns surrounding AI development had contributed to volatility among technology stocks during September, while several AI organisations have called for a slower pace of development.
Nike Earnings Due After Market Close
Nike is scheduled to report quarterly results after Thursday’s closing bell, with investors monitoring the company’s performance under CEO Elliott Hill.
Nike shares have fallen more than 44% since the beginning of the year, according to the supplied market data.
US Markets End Mixed Ahead of Employment Data
On Wednesday, the S&P 500 and Dow Jones Industrial Average closed lower, while the Nasdaq Composite advanced as Treasury yields increased.
August US Personal Consumption Expenditures inflation came in below expectations, although Treasury yields subsequently remained elevated before easing on Thursday morning.
For September, the S&P 500 declined 0.5% and the Dow fell 4.3%, while the Nasdaq gained 1.9%.
The S&P 500 and Nasdaq recorded their second consecutive quarterly advances and their fifth gains in the past six quarters. The Dow declined over the July-to-September period.
“Q3 was a difficult one for markets, as the global economy grappled with a fresh inflationary impulse and the resumption of a globally synchronized rate hiking cycle,” Deutsche Bank analysts said in a note.