Stock Market Today: Nasdaq Futures Jump 1% as Micron Earnings Beat Estimates

TLDR

Nasdaq futures rose about 1% to 1.2% after Micron Technology posted stronger than expected quarterly earnings and guidance. Micron reported adjusted earnings of $33.42 per share, beating estimates of $31.16, and guided next quarter above street forecasts. S&P 500 futures gained 0.56% to 0.64% and Dow futures rose about 0.33% to 0.4% early Thursday. Wall Street fell on Wednesday as Treasury yields climbed, with the 10-year yield topping 5.3%, a level near 2007 highs. Investors now await Friday’s September jobs report for more clues on the direction of interest rates.

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Stock futures climbed early Thursday as the final quarter of the year got underway. The gains followed a strong earnings report from memory chip maker Micron Technology.

Nasdaq 100 futures led the way, rising more than 1%. S&P 500 futures added about 0.6%, and Dow Jones futures gained roughly 0.4%.

Nasdaq 100 Dec 26 (NQ=F)

Micron Earnings Beat Expectations

Micron posted adjusted earnings of $33.42 per share for its fiscal fourth quarter. That topped analyst expectations of $31.16 per share.

🚨HUGE: Micron posts a RECORD $133.2 BILLION in yearly revenue, as profit surges to $85 BILLION.

The memory chip maker's quarterly revenue hit $54.2 BILLION, nearly 5x a year ago, beating Wall Street's $51.5 BILLION estimate.

It made $37.7 BILLION in profit in those three… pic.twitter.com/fBEo6EaS0F

— Coin Bureau (@coinbureau) September 30, 2026

The company also issued strong guidance for the current quarter. It expects earnings per share of $38.15, plus or minus $1.00. That beat street estimates of $36.02.

Shares of Micron rose as much as 1% in aftermarket trading. The stock briefly gave back those gains before trading flat.

Micron did flag some softer gross margins expected for the current quarter. The company also forecast higher operating expenses for fiscal 2027.

There were also questions about shareholder returns. Management gave few details but said Micron plans to increase shareholder returns in December.

The earnings report helped support confidence in artificial intelligence related demand for chips. Investors have been watching closely for signs that AI spending will keep driving tech company profits.

Chipmaking stocks in Asia also gained on the news. Shares rose in Japan, South Korea, and Taiwan.

Fears about slowing AI demand had weighed on tech stocks in September. Several major AI companies, including Anthropic, had called for a slowdown in AI development during the month.

Wall Street Fell Wednesday as Yields Climbed

Wall Street closed lower on Wednesday as a rise in bond yields kept investors cautious. The S&P 500 fell 0.25%. The Dow fell 0.86%. The Nasdaq Composite added 0.24%.

For the month of September, the S&P 500 fell 0.4%. The Dow dropped 4.3%. The Nasdaq rose 1.9% over the same period.

An inflation report released Wednesday came in cooler than expected. The personal consumption expenditures price index rose 3.4% over the past year, below the forecast of 3.7%.

BREAKING: US August PCE inflation, the Fed's preferred inflation metric, falls to 3.4%, below expectations of 3.7%.

Core PCE inflation fell to 3.0%, below expectations of 3.3%.

July headline and core PCE inflation were also revised down by 30 basis points each.

October rate…

— The Kobeissi Letter (@KobeissiLetter) September 30, 2026

That cooler inflation data did not stop Treasury yields from rising further. The 10-year Treasury yield passed 5.3% on Wednesday, a level not seen since 2007.

The 30-year Treasury yield also climbed. It surpassed 5.6%, its highest point since 2002.

Markets are weighing whether the Federal Reserve has room to raise interest rates further in the coming months. The next Fed rate decision is set for the end of October.

Asian markets showed mixed results Thursday. Japan’s Nikkei 225 rose 0.86%, while the Topix fell 0.44%. South Korea’s Kospi dropped 0.8%. Markets in mainland China and Hong Kong were closed for a holiday.

Investors are now looking ahead to more economic data this week. Initial jobless claims were due out Thursday morning.

The September jobs report is scheduled for release on Friday. That data is expected to offer more signals about the path of interest rates. Nike is also set to report earnings after the bell on Thursday.

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