U.S. Futures Climb as Micron’s AI Boost Offsets CPI Nerves

U.S. stock index futures traded higher early Thursday, with Micron’s blowout results and upbeat guidance lifting sentiment ahead of key U.S. CPI inflation data that could shape the market’s rate outlook into 2026.

By 05:10 ET, Dow futures added ~60 points (+0.1%), S&P 500 futures rose ~0.4%, and Nasdaq 100 futures outperformed at ~0.8%, led by strength in chip-linked names.

Micron sparks a tech bounce after a rough stretch

The tone improved after Micron (MU) delivered a strong earnings beat and issued quarter guidance far above expectations, sending the stock more than 9% higher premarket. The company pointed to strong demand tied to AI data-center buildouts, particularly for high-bandwidth memory (HBM)—a key input in modern AI accelerators—helping offset softer consumer-electronics demand.

The upside reaction matters because it hits at the market’s most important theme right now: whether AI capex can translate into durable earnings power. That question has been under pressure recently, and Micron’s print offered investors a “proof point” that AI spend is still feeding through to parts of the semiconductor supply chain.

Oracle headlines still hang over mega-cap tech sentiment

The bounce comes after another soft session for equities, with the S&P 500 and Dow logging a fourth straight daily decline. Tech was the main drag, with the Nasdaq Composite down 1.8%, amplified by Oracle falling more than 5% after reporting suggested a key investor stepped away from a planned $10B Michigan data center—reigniting concerns around AI-infrastructure project risk, timelines, and ROI.

Stock-specific movers: Instacart, Coinbase, MillerKnoll

• Instacart (CART) slid after reports of an FTC probe tied to alleged AI-driven price discrimination.
• Coinbase (COIN) rose after announcing plans to expand into stock trading and prediction-market contracts, broadening its product stack beyond crypto spot/derivatives.
• MillerKnoll (MLKN) jumped on earnings and upbeat guidance.

CPI is the real test: “sticky inflation” vs. “cooling labor”

The macro catalyst is Thursday’s CPI report, with consensus looking for headline inflation to tick up to ~3.1% YoY, while core CPI holds around ~3.0% YoY. Alongside CPI, weekly jobless claims are also due—important given the recent rise in unemployment and mixed labor signals.

Bottom line: markets are effectively balancing two competing narratives:

• Inflation still sticky → argues for a slower/shallower easing path (or a longer pause)
• Labor market cooling → argues for more rate cuts to protect growth

Crude prices were supported by fresh Venezuela supply-risk headlines after President Trump ordered a blockade of sanctioned Venezuelan oil tankers. Even so, oil remained pressured on the week by surplus expectations and potential Ukraine peace-related supply implications, keeping rallies more contained.