US equities rise in pre-market trading after Micron’s earnings beat expectations, driving semiconductor stocks higher.
The US dollar edges higher in early North American trading, with USDJPY testing multi-decade highs near 161.95. EURUSD and GBPUSD retreat after approaching key moving averages, reflecting modest dollar strength. US Treasury yields tick up across the curve, with the 2-year yield rising 2.5 basis points to 4.16% and the 10-year yield up 1.7 basis points to 4.417%.
US stock futures point to a strong open, led by semiconductor stocks after Micron’s earnings surpassed estimates. Micron shares surge 17.7%, while Intel, Broadcom, AMD, and Texas Instruments also gain. The Dow, S&P 500, and Nasdaq futures are up 185, 59, and 648 points, respectively.
Commodities show mixed moves, with crude oil down $0.58 to $69.75 and gold falling below $4000 to $3982. Bitcoin rebounds above $60K, trading at $61098. Markets await May PCE data at 8:30 AM, with headline inflation expected to rise 0.5% month-over-month and 4.1% year-over-year.