Micron Q3 earnings beat sends stock surging 18% premarket

Micron Technology stock was up 18% in premarket trading on Thursday after the chipmaker's fiscal third-quarter results cleared analysts' targets on nearly every key measure, with the company projecting that the memory-chip shortage will persist past 2027.

Broader markets caught a lift from the news. Dow Jones Industrial Average futures added 116 points, or 0.2%, while S&P 500 futures gained 0.7% and Nasdaq 100 futures jumped 2.1%.

The rally spread across the semiconductor sector. An upward revision to Qualcomm's non-handset revenue outlook for fiscal 2029 pushed its shares 10% higher. Among other chipmakers, Sandisk and Western Digital climbed at least 12% apiece, while equipment makers Lam Research, KLA, and Applied Materials were also swept up in the advance.

Memory peers outside the U.S. followed suit. Micron's two largest global memory rivals also advanced, with Samsung Electronics adding 5% on the Korean exchange and SK Hynix surging 13% in overseas markets. In Asia, the Kospi in South Korea topped regional indexes with a 5.42% jump, and Tokyo's Nikkei 225 climbed 4.61%. Across the Atlantic, European semiconductor names including ASMI, Be Semiconductor, and Soitec moved higher, helping push the pan-European Stoxx 600 up 0.61%.

Oil's continued slide offered markets an additional tailwind. Brent crude futures have retreated to just a fraction above their price at the outset of the Middle East conflict.

Wall Street's focus on Thursday morning will also include the May PCE price index — the inflation measure the Federal Reserve watches most closely — with forecasts calling for a 4.1% annual rise and a 0.5% gain from the prior month. The core version of the index, which excludes food and energy, is seen climbing 3.4% from a year earlier and 0.3% from April — figures that would mark an acceleration from the prior month's 3.3% annual and 0.2% monthly readings. Ahead of the data release, the 10-year Treasury note was yielding 4.414%, having ticked up by a single basis point.

Thursday's data calendar also includes a revised GDP estimate for the first quarter, along with May personal income figures, a preliminary durable goods report, and jobless claims covering the week through June 20.