Live Nasdaq Composite: Micron Lifts Market Boat Alongside Mixed Inflation Signal

The post Live Nasdaq Composite: Micron Lifts Market Boat Alongside Mixed Inflation Signal appeared first on 24/7 Wall St..

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Mixed Inflation Signals

41 minutes ago

Live

May’s Personal Consumption Expenditures (PCE) price index offered a measured dose of relief, with the Federal Reserve’s preferred inflation gauge rising 0.4% on the month, a tick below the 0.5% economists had penciled in. The headline index climbed 4.1% on an annual basis, landing in line with expectations and revisiting April 2023 highs.

This article will be updated throughout the day, so check back often for more daily updates.

Micron Technology’s (NASDAQ:MU) blowout fiscal third-quarter earnings report is the dominant force shaping Thursday’s early trade, sending Nasdaq 100 futures up 2.4% and reigniting a chip sector that had been under significant pressure earlier in the week. S&P 500 futures are climbing 0.8% and Dow futures are adding 137 points, or 0.3%, as the memory chipmaker’s results ripple across the broader technology landscape.

The U.S. economy grew at a stronger pace than previously thought in Q1, with the Commerce Department’s final GDP estimate coming in at 2.1% annualized growth, topping both the 1.6% prior estimate and the consensus.

Here’s a look at where things stand as of pre-morning trading:

Dow Futures: 52,411 Up 0.25%
Nasdaq 100 Futures: 30,178 Up
S&P 500 Futures: 7,483 Up 0.75%

Market Movers

Micron is vaulting 18% in premarket trade after clearing analyst expectations by a wide margin, powering the rest of the semiconductor space higher in its wake. Qualcomm (NASDAQ:QCOM) is surging 10% after raising its non-handset revenue guidance for fiscal 2029, while SanDisk (NASDAQ:SNDK), Western Digital (NASDAQ:WDC), Lam Research (NASDAQ:LRCX), KLA (NASDAQ:KLAC), and Applied Materials (NASDAQ:AMAT) are all posting gains.

Apple (NASDAQ:AAPL) is reportedly hiking prices on its Mac and iPad lineup Thursday morning, with increases of roughly 15% to 25% across models: the MacBook Air up $200 to $1,299, the MacBook Pro up $300 to $1,999, and iPad prices climbing $150 to $200 depending on the model. CEO Tim Cook had flagged the move last week, saying surging memory and storage chip costs had made increases unavoidable.

Wendy’s (NASDAQ:WEN) is having its moment. Shares are tacking on another 12% in premarket Thursday after a 25.7% surge yesterday, the stock’s biggest single-day advance since mid-2021, as retail traders pile in for a second straight day with the kind of social media-fueled conviction that has little to do with burgers and everything to do with the fast-food chain’s heavily shorted float. The rally has the hallmarks of a classic meme stock run, disconnected from fundamentals, driven by online sentiment, and moving fast enough to keep short sellers on edge.

The post Live Nasdaq Composite: Micron Lifts Market Boat Alongside Mixed Inflation Signal appeared first on 24/7 Wall St..