Wall Street futures pointed solidly higher pre-bell Thursday after memory-chip maker Micron Technology (MU) late Wednesday posted strong fiscal Q3 results and upbeat guidance, thus igniting a rally in peer issues.
Micron Technology shares rose 18.6% pre-bell, while shares in the VanEck Semiconductor ETF (SMH) rose 4.5%.
In the futures, the S&P 500 rose 0.7%, the Nasdaq inclined 2.2% and the Dow Jones was up 0.2%.
West Texas Intermediate crude oil futures traded down 1% to $69.63 a barrel, dipping below $70 for the first time since late February. Gold declined to under $4,000 an ounce, for the first time since November of last year.
Investors are awaiting the personal consumption expenditures-core (PCE-core) price index for May, the Federal Reserve's preferred inflation gauge, slated for release in Washington at 8:30 am ET.
Asian exchanges rallied overnight, led by a 5.4% rise on Seoul's KOSPI index, and a 4.6% gain on Tokyo's Nikkei 225, with the broader indices pulled up by tech shares.
European bourses tracked moderately north midday on the continent.
On the economic calendar, in addition to the PCE-core release, is the weekly jobless claims report, along with the durable goods orders bulletin for May, both at 8:30 am ET.
Also posting at 8:30 am is the final Q1 GDP report, the personal income and outlays release for May, the Chicago Fed National Activity Index for May,
the revised Q1 corporate profits report, and the retail and wholesale inventories reports for May.
The weekly EIA natural gas bulletin logs at 10:30 am, followed by the Kansas City Fed Manufacturing Index for June at 11 am.
Federal Reserve New York president John Williams and Chicago president
Austan Goolsbee are slated to speak on Thursday.
In pre-market action, bitcoin traded at $61,476, and 10-year US Treasuries offered 4.41%. Spot gold commanded $3,989 an ounce.