US stock futures rise as chips gain on Micron results; GDP data ahead
The benchmark S&P 500 and tech-led Nasdaq were nearly 1% below their record peaks at Wednesday's close, supported by the de-escalation in Middle East hostilities.
Chipmakers tracked a 2.7% premarket rise in Micron Technology shares after the company
forecast quarterly revenue above estimates, citing growth in demand for its chips used in AI data centers.
Nvidia advanced 1.2% after scaling a fresh all-time high on Wednesday.
Following Federal Reserve Chair Jerome Powell's congressional testimony where he reiterated a wait-and-watch approach on interest rate cuts, reports suggested President Donald Trump could potentially announce a Fed Chair successor as early as September or October in a bid to undermine Powell.
The move could affect the central bank's independence at a time when policymakers are striving to balance the risk of slowing growth and higher inflation, as Trump's wide-ranging tariffs and geopolitical turmoil threaten to drive up prices in the short-term.
For the day, investors are focusing on the Commerce Department's final take on first-quarter GDP due at 10:00 a.m. ET, as well as durable goods data for May and initial jobless claims data at 08:30 a.m. ET.
Traders are pricing in about 63 basis points of rate cuts by the end of 2025, with a 70% chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
At 05:21 a.m. ET, Dow E-minis were up 93 points, or 0.21% and S&P 500 E-minis were up 18.75 points, or 0.31%. Nasdaq 100 E-minis were up 99.25 points, or 0.44%
Shares of sportswear company Nike edged up 0.8% ahead of its quarterly results due before the opening bell.
Some of the central bank officials scheduled to speak later in the day include Fed Chicago President Austan Goolsbee, Fed Richmond President Thomas Barkin, Fed Cleveland President Beth Hammack, Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari.
On Friday, the Personal Consumption Expenditures (PCE) report - the Fed's preferred gauge of inflation - will be scrutinized to ascertain tariff-induced price changes in the U.S. economy.
(Reporting by Kanchana Chakravarty in Bengaluru; Editing by Devika Syamnath)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ARN News Center
an hour ago
- ARN News Center
OPEC+ speeds up oil output hikes, adds 548,000 bpd in August
OPEC+ agreed on Saturday to raise production by 548,000 barrels per day in August, further accelerating output increases at its first meeting since oil prices jumped - and then retreated - following Israeli and US attacks on Iran. The group, which pumps about half of the world's oil, has been curtailing production since 2022 to support the market. But it has reversed course this year to regain market share and as US President Donald Trump demanded the group pump more to help keep gasoline prices lower. The production boost will come from eight members of the group - UAE, Saudi Arabia, Russia, Kuwait, Oman, Iraq, Kazakhstan and Algeria. The eight started to unwind their most recent layer of cuts of 2.2 million bpd in April. The August increase represents a jump from monthly increases of 411,000 bpd OPEC+ had approved for May, June and July, and 138,000 bpd in April. OPEC+ cited a steady global economic outlook and healthy market fundamentals, including low oil inventories, as reasons for releasing more oil. The acceleration came after some OPEC+ members, such as Kazakhstan and Iraq, produced above their targets, angering other members that were sticking to cuts, sources have said. Kazakh output returned to growth last month and matched an all-time high. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, wants to expand market share amid growing supplies from rival producers like the United States, sources have said. With the August increase, OPEC+ will have released 1.918 million bpd since April, which leaves just 280,000 bpd to be released from the 2.2 million bpd cut. On top of that, OPEC+ allowed the UAE to increase output by 300,000 bpd. The group still has in place other layers of cuts amounting to 3.66 million bpd. The group of eight OPEC+ members will next meet on August 3.
UAE Moments
an hour ago
- UAE Moments
Which Stores Are Open on 4th of July 2025?
🎆 The 4th of July is all about fireworks, grilling, and time with family, but sometimes you realize you forgot the burger buns or need extra sunscreen before heading to the lake. While many businesses close or operate with reduced hours on Independence Day, many national chains remain open for your last-minute runs. Here's your 2025 guide on which stores are open on the 4th of July so you can plan errands without interrupting your celebrations. 🛍️ Grocery Stores Open on the 4th of July Most major grocery chains remain open with holiday hours on July 4: Walmart: Open regular hours, but some pharmacies inside may close early. Target: Most locations are open, but closing times may vary (check your local store). Kroger and affiliates (Fred Meyer, King Soopers): Open, with potential early closing hours. Whole Foods: Open, but stores may close early (often 8 PM). Trader Joe's: Open with reduced hours, usually 8 AM – 5 PM. Safeway & Albertsons: Generally open, but pharmacy hours vary. Publix: Open, often until 9 PM. Costco: Closed on the 4th of July. Sam's Club: Closed on the 4th of July. 🏬 Retail Stores Open on Independence Day For last-minute supplies or summer deals, many retail stores keep their doors open: Home Depot: Open with regular hours, perfect for BBQ supplies or outdoor essentials. Lowe's: Open, typically following standard hours. Best Buy: Open, but may have reduced hours. CVS & Walgreens: Open, including most 24-hour locations, but pharmacy hours may vary. Dollar General & Family Dollar: Open, with normal or slightly reduced hours. Ace Hardware: Most locations open, hours vary. Macy's: Open, often with holiday sales. Bed Bath & Beyond: Many locations open with reduced hours. 🚫 Stores Closed on the 4th of July While many stores remain open, these commonly close: Costco: Closed nationwide on Independence Day. Sam's Club: Closed. Some local small businesses and specialty shops may close or operate on limited hours, so it's best to call ahead. ✅ Check your local store hours online or by calling, as holiday schedules vary by location. ✅ Go early to avoid crowds and ensure you get last-minute essentials before cookouts. ✅ Look for Independence Day sales on grills, patio furniture, and summer essentials at Home Depot, Lowe's, and Macy's. ✅ Pharmacies inside grocery stores may close earlier than the store itself. Independence Day is for celebrating, not stressing over forgotten items. With many grocery, pharmacy, and retail stores open on the 4th of July 2025, you can quickly grab what you need without missing the fireworks. Plan ahead, double-check store hours, and enjoy a smooth, stress-free holiday with your family.
Gulf Today
2 hours ago
- Gulf Today
'Big Beautiful Bill Act:' Trump signs tax and spending bill into law
US President Donald Trump signed into law a massive package of tax and spending cuts at the White House on Friday, staging an outdoor ceremony on the Fourth of July holiday that took on the air of a Trump political rally. With military jets flying overhead and hundreds of supporters in attendance, Trump signed the bill one day after the Republican-controlled House of Representatives narrowly approved the signature legislation of the president's second term. The bill, which will fund Trump's immigration crackdown, make his 2017 tax cuts permanent, and is expected to knock millions of Americans off health insurance, was passed with a 218-214 vote after an emotional debate on the House floor. The US President described the law as a major achievement. Donald Trump shows his signature on the "Big Beautiful Bill Act" at the White House in Washington on Friday. WAM "I've never seen people so happy in our country because of that, because so many different groups of people are being taken care of: the military, civilians of all types, jobs of all types," Trump said at the ceremony, thanking House Speaker Mike Johnson and Senate Majority Leader John Thune for leading the bill through the two houses of Congress. "So you have the biggest tax cut, the biggest spending cut, the largest border security investment in American history," Trump said. Trump scheduled the ceremony on the South Lawn of the White House for the July 4 Independence Day holiday, replete with a flyover by stealth bombers and fighter jets like those that took part in the recent US strikes on nuclear facilities in Iran. Hundreds of Trump supporters attended, including White House aides, members of Congress, and military families. After a speech that included boastful claims about the ascendance of America on his watch, Trump signed the bill, posed for pictures with Republican congressional leaders and members of his cabinet, and waded through the crowd of happy supporters. Donald Trump arrives with First Lady Melanie Trump to sign the "Big Beautiful Bill Act" at the White House in Washington. AFP The bill's passage amounts to a big win for Trump and his Republican allies, who have argued it will boost economic growth, while largely dismissing a nonpartisan analysis predicting it will add more than $3 trillion to the nation's $36.2 trillion debt. While some lawmakers in Trump's party expressed concerns over the bill's price tag and its hit to healthcare programmes, in the end just two of the House's 220 Republicans voted against it, joining all 212 Democrats in opposition. The tense standoff over the bill included a record-long floor speech by House Democratic Leader Hakeem Jeffries, who spoke for eight hours and 46 minutes, blasting the bill as a giveaway to the wealthy that would strip low-income Americans of federally-backed health insurance and food aid benefits. Democratic National Committee Chair Ken Martin predicted the law would cost Republicans votes in congressional elections in 2026. "Today, Donald Trump sealed the fate of the Republican Party, cementing them as the party for billionaires and special interests - not working families," Martin said in a statement. "This legislation will hang around the necks of the GOP for years to come. This was a full betrayal of the American people. Today, we are putting Republicans on notice: you will lose your majority." Reuters
