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Pre-Market Performance
U.S. index futures were higher in early trading, led by technology-linked contracts. Nasdaq 100 futures rose 181.5 points, or 0.59%, to 30,880.3; S&P 500 futures gained 27.3 points, or 0.35%, to 7,742.8; and Dow Jones futures added 138 points, or 0.27%, to 51,416.
European equities traded lower as rising bond yields and energy-related inflation concerns weighed on risk appetite. The FTSE 100 fell 166.60 points, or 1.57%, to 10,439.40; France's CAC 40 declined 95.72 points, or 1.20%, to 7,868.79; and Germany's DAX slipped 139.07 points, or 0.55%, to 25,060.10.
Commodities were mixed. Brent crude fell 1.1% to $96.92 a barrel, while WTI crude dropped 1.4% to $89.18 as recovering Gulf exports and a surprise build in U.S. inventories eased supply concerns. Spot gold rose 0.5% to $4,175.19 an ounce, supported by softer U.S. inflation data, while the U.S. Dollar Index traded near 101.79, up about 0.34% and close to multi-month highs.
Hot News
- Global yields pressure risk assets: Investors began the fourth quarter cautiously as multi-year highs in global bond yields reinforced pressure on rate-sensitive equities, even as U.S. futures showed resilience in technology-linked contracts.
- Oil retreats after September rally: Crude prices pulled back after Brent posted a steep September gain, with traders weighing stalled U.S.-Iran diplomacy against recovering Middle East export flows and higher U.S. crude inventories. Lower crude prices provided some relief to inflation-sensitive assets but did not fully offset yield concerns.
- Dollar holds near highs: The dollar touched a multi-month high, supported by elevated Treasury yields and persistent inflation concerns tied to energy markets. The stronger dollar remained a headwind for commodities and multinational earnings translation.
- Gold stabilizes after September weakness: Gold advanced modestly after softer U.S. inflation reduced expectations for an immediate rate hike. However, dollar strength limited the rebound, keeping bullion's gains measured.
- AI hardware sentiment improves: A strong Micron earnings report supported sentiment across AI-linked semiconductor stocks, with memory demand and long-term supply commitments reinforcing the market's focus on data-center infrastructure spending.
U.S. Stock Focus
- Micron Technology — Record fiscal Q4 and strong guidance: Micron reported record fiscal fourth-quarter revenue of $54.23 billion, with non-GAAP EPS of $33.42. The company guided fiscal first-quarter 2027 revenue to $61.5 billion, plus or minus $1.5 billion, and non-GAAP EPS to $38.15, plus or minus $1.00, underscoring continued AI-driven memory demand.
- Nvidia — AI memory read-through supports shares: Nvidia traded about 1% higher pre-market as investors viewed Micron's results as a positive demand signal for AI infrastructure suppliers. Reuters reported chip-linked names gained after Micron's results, with Nvidia benefiting from the broader AI hardware read-through.
- Advanced Micro Devices — Chip sentiment lifts pre-market trade: AMD also rose about 1% pre-market, tracking strength in AI and data-center semiconductor names. The move reflected renewed investor focus on accelerator, memory, and server demand after Micron's stronger-than-expected outlook.
- Lam Research — Equipment shares gain after Micron: Lam Research advanced about 1.8% pre-market as stronger memory demand improved sentiment toward wafer-fabrication equipment suppliers. Investors are watching whether Micron's capital-expenditure and capacity outlook translate into sustained order momentum for equipment vendors.
- Applied Materials — Semiconductor equipment stock rises: Applied Materials gained about 1.8% pre-market, moving alongside Lam Research after Micron's results. The stock's reaction reflected expectations that demand for advanced memory and AI-related production capacity remains supportive for semiconductor equipment spending.
- Alphabet — Google launches Gemini 4 Argon: Google announced Gemini 4 Argon, a new flagship AI model, after Wednesday's close. Alphabet shares rose in extended and pre-market trading as investors assessed whether the release narrows the company's competitive gap with OpenAI and Anthropic.
- Accenture — Fiscal Q4 revenue tops guidance: Accenture reported fiscal fourth-quarter revenue of $18.68 billion, up 6% in U.S. dollars and above its guided range. New bookings reached $22.17 billion, while GAAP EPS rose 46% to $3.29; the company also guided fiscal 2027 local-currency revenue growth to 3% to 6%.
- Acuity — Fiscal Q4 sales and EPS improve: Acuity reported fiscal fourth-quarter net sales of $1.2 billion, up 3% from a year earlier. Diluted EPS rose 56% to $5.63, with investors focused on operating performance, cash flow, and demand trends across lighting and intelligent spaces.
- McCormick — Q3 results beat estimates, outlook reaffirmed: McCormick reported third-quarter net sales of $2.02 billion, up 17.4%, with adjusted EPS of $0.86. The company reaffirmed its fiscal 2026 outlook, including adjusted EPS of $3.05 to $3.13, and said it remains on track with integration planning for the proposed Unilever Foods combination.
- Nike — Earnings due after the close: Nike is scheduled to report fiscal first-quarter 2027 earnings after today's close. Analysts expect EPS of about $0.44 on revenue near $11.35 billion, with investor attention centered on China demand, inventory progress, gross margin, and the pace of CEO Elliott Hill's turnaround plan.
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