S&P 500 futures rise as Micron surges after earnings; Wall Street awaits key inflation reading: Live updates
S&P 500 futures climbed on the back of a Micron earnings surge, though new data shows the US PCE inflation measure topping 4.0% in May.
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The brief
S&P 500, Dow, and Nasdaq futures rose following a blowout earnings report from Micron, which helped revive AI enthusiasm and spark a broader chip rally including Qualcomm. Concurrent reports indicate oil has reached prewar levels.
Coverage from Reuters, AP News, and CNBC emphasizes a jump in the key PCE inflation gauge, which reached a three-year high. The core inflation rate hit 3.4% in May, the highest level since October 2023, while consumer spending remains strong.
Market attention now turns to how this inflation data may fuel concerns over higher interest rates, according to NBC News, despite the recent fall in oil prices.
Synthesized by Newsylist from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 7h ago.
Quick answers
What happened to the PCE inflation measure in May?
The measure topped 4.0% in May, according to Reuters, while the core inflation rate reached 3.4%.
Which companies contributed to the chip rally?
Micron's blowout earnings report and Qualcomm helped spark the rally.
How does the current core inflation rate compare to previous years?
The core inflation rate of 3.4% in May is the highest since October 2023, per CNBC.
Coverage (9)
- US PCE inflation measure tops 4.0% in May; consumer spending strong Reuters · 19h ago
- Key inflation gauge jumps to 3-year high in latest sign of affordability challenges AP News · 19h ago
- Inflation report could fuel concerns over higher interest rates, even as oil prices fall NBC News · 19h ago
- Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows CNBC · 19h ago
- Stock Market Today: Dow Rises Ahead Of Key Inflation Data; Micron Rockets On Earnings News (Live Coverage) Investor's Business Daily · 20h ago
- Sandisk, Intel, Western Digital, and More Stocks That Explain Today’s Market Barron's · 20h ago
- Micron, Qualcomm spark chip rally; PCE awaited Investing.com · 1d ago
- Stock Market Today: Dow, S&P 500 and Nasdaq set to climb after Micron's blowout earnings report; PCE data on tap MarketWatch · 1d ago
- Stock Futures Higher as Micron Revives AI Enthusiasm, Oil Hits Prewar Level WSJ · 1d ago broke it first
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