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

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Mixed Inflation Signals

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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.

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Micron Technology’s (NASDAQ:MU | MU Price Prediction) 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.