Nasdaq tech stocks set for strong rebound after Micron earnings boost

US stocks look set for a beardown rebound connected Thursday, with exertion shares starring the complaint aft upbeat results from Micron reignited enthusiasm for the artificial quality commercialized pursuing 3 consecutive days of losses for the Nasdaq.

Nasdaq futures jumped 2.2%, pointing to a betterment aft the technology-heavy scale fell 0.4% connected Wednesday, taking its diminution for the week to much than 1,000 points, oregon 3.7%.

S&P 500 futures were up 0.8%, with Dow Jones futures 0.3% higher, having respectively dropped 0.1% to 7,358.2 and 0.35% to 51,848.9 the time before. 

The temper shifted aft Micron's fiscal 3rd 4th results comfortably bushed Wall Street expectations and the representation chipmaker issued stronger-than-expected guidance for the existent quarter.

Revenue much than doubled from a twelvemonth earlier, portion main enforcement Sanjay Mehrotra said the results reflected "the strategical worth of representation successful the AI era" arsenic request continued to accelerate.

The shares person leapt 17.5% successful pre-market trading.

Market expert David Morrison at Trade Nation said the results "restored assurance crossed a assemblage which has taken a caller hit", noting that the institution is the lone US shaper of high-bandwidth representation chips compatible with Nvidia's processors.

Qualcomm besides boosted sentiment aft buying a spot startup Modular for astir $4 cardinal and issuing an upbeat forecast for its information centre business, helping assistance semiconductor stocks including AMD, Marvell Technology, TSMC and Intel.

The optimism dispersed into Asian and European markets. Japan's Nikkei 225 surged 4.6%, South Korea's Kospi jumped 5.4% and the Euro Stoxx 600 exertion scale gained 0.7%.

Investors volition besides beryllium watching US ostentation information later, with the Personal Consumption Expenditures terms scale expected to amusement yearly ostentation of 3.4%. Morrison said the merchandise would beryllium intimately watched arsenic markets measure the Federal Reserve's progressively hawkish stance.

Attention volition besides stay connected the Japanese yen aft the dollar climbed to wrong a fewer cents of ¥162, its strongest level against the currency since July 2024.

Traders were "still playing a crippled of chicken" with Japanese policymakers, Morrison said, after erstwhile currency interventions failed to halt the yen's decline, though helium cautioned the dollar could spot a short-term pullback aft its caller rally.

Oil prices continued to fall, with WTI crude sliding different 0.8% to $69.77, the lowest since the commencement of March.