25.06.202612:48:57UTC+00US Futures Hold Gains after PCE Report

US equity futures rose on Thursday after Micron Technology’s earnings report reignited enthusiasm for artificial intelligence–related stocks. Nasdaq 100 futures advanced more than 2%, while S&P 500 contracts gained 1%.

Micron shares jumped 17% in premarket trading after the company beat earnings and revenue forecasts and guided for quarterly revenue of about $50 billion through August, well above the $43.2 billion expected. Confidence in the AI infrastructure space was further underpinned by Micron’s announcement of 16 new long-term supply agreements.

Qualcomm climbed 15% after the chipmaker doubled its forecast for non-handset revenue over the next three years and unveiled a partnership with Meta.

Softer inflation pressures also supported broader markets. Energy prices continued to decline and the latest PCE price readings came in roughly in line with expectations, helping lift the Dow Jones Industrial Average to a record above 52,000. Bank stocks advanced as lenders prepared to raise dividends following successful completion of the Federal Reserve’s stress tests.