June Nasdaq 100 E-Mini futures (NQM24) are up by 0.66% this morning, driven by positive sentiment following Micron's impressive quarterly results and guidance.
Micron Technology (MU) saw a substantial surge of over 17% in pre-market trading after reporting strong Q2 results and issuing optimistic Q3 guidance.
he Federal Reserve has maintained its projection for three rate cuts this year, keeping the federal funds rate target range unchanged at 5.25%-5.50%.
Investors are also eagerly awaiting U.S. business activity data and earnings reports from Nike and FedEx.
Wall Street closed higher yesterday, with the S&P 500 surpassing the 5,200 level for the first time.
Paramount Global (PARA) and FMC Corporation (FMC) were among the top gainers on the S&P 500, while Signet Jewelers Ltd (SIG) experienced a significant decline after reporting weaker-than-expected Q4 sales and providing below-consensus FY25 guidance.
Looking ahead, several notable companies, including Nike (NKE), FedEx (FDX), Accenture (ACN), Lululemon (LULU), and Darden Restaurants (DRI), are scheduled to release their quarterly results today.
On the economic data front, market attention is focused on the U.S. S&P Global Manufacturing PMI preliminary reading, U.S. Philadelphia Fed Manufacturing Index, U.S. Existing Home Sales data, and U.S. Conference Board Leading Index, among other indicators.
In the bond markets, United States 10-year rates are currently at 4.241%, down 0.66%. Meanwhile, Euro Stoxx 50 futures are up by 0.85% this morning, following the positive trend in U.S. and Asian stock benchmarks.
France, Germany, and Eurozone Manufacturing and Services PMI preliminary readings have also been released today.