Japan
Continued Oil Price Decline, Micron Earnings Beat Drive US Equity Futures Higher Pre-Bell
US equity futures were higher pre-bell Thursday as oil prices fell to their lowest since the start of the US-Iran war and memory chip manufacturer Micron Technology (MU) posted strong fiscal Q3 financial results and issued upbeat guidance.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.7%, and Nasdaq futures were 2.1% higher.Oil prices dropped to their lowest level since Feb. 28 as more oil tankers have started exiting the Strait of Hormuz. Around 20 million barrels of crude and 72 vessels have successfully passed through the waterway in the last 24 hours, Reuters cited US Energy Secretary Chris Wright as saying.Micron Technology shares rose 16% in premarket activity after the company overnight reported a fiscal Q3 earnings and revenue beat, along with fiscal Q4 guidance that came in above market expectations.Front-month global benchmark North Sea Brent crude was down 0.6% at $73.43 per barrel and US West Texas Intermediate crude was 0.7% lower at $69.83 per barrel.The May core personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, scheduled for release at 8:30 am ET, is expected to increase 0.3%, up from the prior month's gain of 0.2%, according to estimates compiled by Bloomberg. The May durable goods orders report is expected to show a 5.0% decrease after a gain of 8.0% in the prior month.Initial jobless claims are projected to have declined to 225,000 in the week ended June 20 from 226,000 in the prior week. The preliminary estimate for Q1 GDP is seen coming in at 2.0%, unchanged from the prior value. No change is expected for Q1 GDP, which is seen holding at a 1.6% annual rate.Federal Reserve New York President John Williams and Chicago President Austan Goolsbee are slated to speak on Thursday.
Dow JonesNasdaq CompositeS&P 500$MU