S&P 500 futures rise as Micron surges after earnings; Wall Street awaits key inflation reading: Live updates
S&P 500 futures climbed on Micron's strong earnings and AI enthusiasm, but a new PCE inflation report shows a jump to a 3-year high.
📍 How it ended
Micron's earnings sparked a chip rally and pushed stock futures higher. Meanwhile, the US PCE inflation measure topped 4.0% in May, marking a three-year high.
This report raised concerns regarding potential higher interest rates.
Epilogue added 44d ago, after coverage quieted.
The coverage curve
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What happened
S&P 500, Dow, and Nasdaq futures rose following a blowout earnings report from Micron. This performance, along with activity from Qualcomm, sparked a broader chip sector rally and renewed investor interest in AI, according to coverage from MarketWatch, Investing.com, and the WSJ. Attention shifted as the Federal Reserve's preferred inflation gauge, the PCE, topped 4.0% in May, marking a 3-year high.
CNBC reports that the core inflation rate reached 3.4%, the highest since October 2023. Reuters and AP News note that consumer spending remains strong despite these affordability challenges. Coverage from NBC News indicates that this inflation data may fuel concerns regarding higher interest rates, even as oil prices fall.
Market participants are monitoring the impact of these conflicting trends on stock valuations.
Synthesized by Newsylist from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 44d ago.
Coverage (9)
- US PCE inflation measure tops 4.0% in May; consumer spending strong Reuters · 46d ago
- Key inflation gauge jumps to 3-year high in latest sign of affordability challenges AP News · 46d ago
- Inflation report could fuel concerns over higher interest rates, even as oil prices fall NBC News · 46d ago
- Core inflation rate hit 3.4% in May, highest since October 2023, Fed’s preferred gauge shows CNBC · 46d ago
- Stock Market Today: Dow Rises Ahead Of Key Inflation Data; Micron Rockets On Earnings News (Live Coverage) Investor's Business Daily · 46d ago
- Sandisk, Intel, Western Digital, and More Stocks That Explain Today’s Market Barron's · 46d ago
- Micron, Qualcomm spark chip rally; PCE awaited Investing.com · 46d ago
- Stock Market Today: Dow, S&P 500 and Nasdaq set to climb after Micron's blowout earnings report; PCE data on tap MarketWatch · 46d ago
- Stock Futures Higher as Micron Revives AI Enthusiasm, Oil Hits Prewar Level WSJ · 46d ago broke it first
Questions people are asking
What drove the initial stock market rise?
Futures rose due to Micron's blowout earnings report, which revived AI enthusiasm and sparked a rally in chip stocks including Qualcomm.
What did the latest PCE inflation data show?
The US PCE inflation measure topped 4.0% in May, while the core inflation rate hit 3.4%, the highest level since October 2023.
How is the inflation report affecting market outlooks?
According to NBC News, the report could fuel concerns over higher interest rates, though oil prices have fallen.
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