Micron Technology’s strong post-earnings performance lifts semiconductor stocks amid broader tech sector concerns over AI spending.
US stock futures traded higher Thursday morning, halting a tech-driven sell-off after Micron Technology reported robust earnings. Micron shares surged nearly 15% in after-hours trading, providing a potential catalyst for semiconductor stocks and the broader technology sector.
The Nasdaq closed 0.43% lower at 25,476 on Wednesday, while the S&P 500 dipped 0.10% to 7,358. The Dow Jones Industrial Average bucked the trend, rising 0.35% to 51,848. Treasury yields fell, with the 30-year bond yield dropping to 4.84%, as crude oil prices hit multi-year lows, easing inflation fears.
Wall Street remains cautious about excessive AI and data center spending, making Micron’s results a key indicator for market sentiment. Futures gains suggest a tentative rebound after Wednesday’s mixed performance.