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U.S. equity futures powered firmly higher in early Thursday trading, putting the S&P 500 on pace for another record high, as investors reacted to reports of new financial support for China’s flagging economy and tech stocks surged following Micron Technology’s blowout quarter earnings.
Big chipmakers were the leading gainers in early Thursday trading, with Nvidia (NVDA) , Intel (INTC) and Advanced Micro Devices (AMD) all moving higher following Micron’s (MU) fourth quarter update and robust near-term outlook that provided renewed support for the AI investment boom.
China stocks, meanwhile, are on pace for their best week in a decade following a readout from the Politburo’s recent meeting that vowed to commit to the “necessary fiscal spending” required to reach its annual 5% GDP growth target.
China has committed to the “necessary fiscal spending” needed to reach its annual 5% GDP growth target.
The news lifted stocks around the Asia region, which were already buoyed by Micron’s after-hours surge, and flowed-through into the European session, where the regional Stoxx 600 benchmark is closing in on its August all-time high.
A further boost to risk sentiment was provided by a Financial Times report that suggested Saudi Arabia will abandon its loosely-held target of $100 per barrel in order to win back market share from the United States.
WTI futures for November delivery, which are tightly-linked to U.S. gas prices, were marked $1.51 lower at $68.18 per barrel even amidst the close of dozens of drilling installations in the Gulf as Hurricane Helene races towards the Florida Big Bend coast.
Related: Analyst resets Tesla stock price target ahead of Q3 deliveries
On Wall Street, focus on the chip sector gains will be paired with new economic data, including a third revision of second quarter GDP growth, which was last pegged at 3%, and weekly jobless claims figures.
Federal Reserve Chairman Jerome Powell is also slated to speak at a Treasury conference in New York prior to the start of trading.
Futures contracts tied to the S&P 500 suggest a big 45 point opening bell gain for the benchmark, which would take it into record territory, and a more modest 202 point advance for the Dow Jones Industrial Average.
More Wall Street Analysts:
Analysts revise Corning stock price targets after investor meetingAnalysts retool Carnival stock price targets ahead of earningsAnalyst revisits Costco stock price target, rating ahead of earnings
The tech-focused Nasdaq, meanwhile, is called 276 points higher to start the session.
Overnight in Asia, Japan’s Nikkei 225 finished 2.79% higher on the session, with the regional MSCI ex-Japan benchmark rising 2.01% into the close of trading.
In Europe, Switzerland’s SMI rose 0.32% after the Swiss National Bank cut its benchmark interest rate by a quarter of a point, to 1%, with the Stoxx 600 last marked 1% higher in Frankfurt and Britain’s FTSE 100 up 0.37% in London.
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