US stock futures mixed as Micron earnings lift technology shares

  • Micron lifted technology sentiment after reporting stronger-than-expected fourth-quarter earnings and raising its first-quarter outlook.
  • Dow futures fell 0.4%, while S&P 500 futures rose 0.1% and Nasdaq-100 futures gained 0.6%.
  • Labor, manufacturing and Nike earnings reports are scheduled as markets prepare for Friday's jobs report.

US stock futures opened the new month unevenly after Micron reported fourth-quarter earnings above Wall Street expectations and raised its first-quarter outlook. Dow futures fell 0.4%, while S&P 500 futures rose 0.1% and Nasdaq-100 futures gained 0.6%; Micron shares were little changed. Investors remained focused on the bond market after Treasury yields posted their biggest move since September 2022. The Dow ended both the third quarter and September lower, while the Nasdaq advanced. Technology stocks linked to artificial intelligence continued to outperform, with Nvidia gaining 5% in September and AMD rising 30%, while high Treasury yields and oil prices weighed on the broader market. September was historically weak for stocks, but the S&P 500 fell 0.4%, compared with its 0.6% average decline for the month since 1950. The Nasdaq Composite rose 1.8% after reaching a new peak on Sept. 22, while the Dow dropped about 4.3% and the Russell 2000 declined 5.4%. Upcoming reports include Challenger, Gray & Christmas data on layoff plans, manufacturing activity and Friday's monthly jobs report. Nike is scheduled to report earnings after the bell as investors assess its turnaround, although the stock is trading at its lowest levels since 2014. Interactive Brokers chief strategist Steve Sosnick described the market's divergence by saying, "It's AI or bust."

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