US Futures Rise on AI Optimism

US stock futures were higher on Thursday, with S&P 500 futures up 0.4%, Nasdaq 100 gaining 0.9% and Dow Jones rising by nearly 80 points as investors kicked off Q4 following a volatile third quarter. The AI boom continued to support the broader market despite higher Treasury yields and a renewed rise in oil prices. Chipmakers provided additional support following an upbeat forecast from Micron, whose shares were up 0.2% in premarket trading. Alphabet also rose 2.2% after beginning to roll out its latest AI model. Among other megacap technology stocks, Nvidia (0.9%), Microsoft (0.7%), Amazon (1%), Broadcom (0.9%), Meta (0.3%) and Tesla (0.5%) were higher before the opening bell, while Apple fell 0.4%. Nike shares edged 0.3% lower ahead of the company’s earnings report, due after the opening bell.

US stock futures edged higher on Thursday as investors looked for fresh catalysts at the start of a new trading month, while markets continued to contend with elevated oil prices and Treasury yields. Dow futures rose around 0.2%, while S&P 500 and Nasdaq 100 futures each gained roughly 0.3%. In regular trading on Wednesday, the Dow and S&P 500 fell 0.86% and 0.25%, respectively, while the Nasdaq Composite advanced 0.24%. Financial and industrial stocks weighed on the market as Treasury yields climbed on concerns about persistent energy-driven inflation, with the US and Iran making little progress in negotiations. Meanwhile, core PCE inflation increased a smaller-than-expected 0.2% in August, raising hopes that the Federal Reserve will hold off on raising rates in October. Investors now await the latest weekly jobless claims data on Thursday and the September jobs report on Friday. Earnings are also due from Nike, McCormick and Acuity Brands.

The Dow Jones Index fell 339 points or 0.66 percent on Wednesday to close at 51011 points. Leading the losses are Walmart (-2.59%), 3M (-2.56%) and Merck (-2.36%). Top gainers were Salesforce (1.89%), Apple (1.31%) and Amazon (1.24%).