US Market Preview | MIMI Surges 58.7% Pre-market; PCE in Line; Micron Q3 Beats Drive Tech Surge; Qualcomm Adds 10% on Non-Handset Revenue
Mint MIMI | 0.00 | |
Autozi Internet Technology (Global) Ltd. Class A AZI | 0.00 | |
Micron Technology, Inc. MU | 0.00 | |
QUALCOMM Incorporated QCOM | 0.00 | |
Sandisk Corporation SNDK | 0.00 |
U.S. stock futures rose on Thursday, boosted by a blowout Micron Technology, Inc.(MU.US) earnings report, as traders digested the release of a key inflation reading for May.
S&P 500 index(SPX.US) futures and NASDAQ-100(NDX.US) futures climbed 0.8% and 2.4%, respectively. Futures tied to the Dow Jones Industrial Average(DJI.US) were up 137 points, or 0.3%.
Micron surged 18% after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations. Fellow semiconductor stock QUALCOMM Incorporated(QCOM.US) gained 10% after raising guidance for its non-handset revenue in fiscal 2029. Other chip names, such as Sandisk Corporation(SNDK.US), Western Digital Corporation(WDC.US), Lam Research Corporation(LRCX.US), KLA(KLAC.US) and Applied Materials, Inc.(AMAT.US), rose in sympathy.
Outside of equities, the dollar index — which measures the greenback against a basket of major currencies — was about 0.1% higher in early morning trading. It rose on Wednesday amid mounting bets Federal Reserve rate hikes.
May’s personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — showed that the headline index rose 0.4% on the month, just below the 0.5% rise that economists polled by Dow Jones were expecting. The headline index also rose 4.1% on a yearly basis, in line with expectations.
Excluding volatile food and energy prices, core PCE gained 0.3% month over month and 3.4% year over year. Both were also in line with what economists expected. While core inflation reached its highest level since October 2023, investors were relieved the numbers weren’t even higher in the wake of rising energy prices from the Middle East conflict.
Treasury yields edged higher as investors awaited the print, with the yield on the benchmark 10-year U.S. Treasury note adding 1 basis point to trade at 4.414%.
Traders will also watch out for the final first-quarter gross domestic product reading, readings from May’s personal income and preliminary durable goods orders indexes, as well as initial jobless claims from the week ended June 20.
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As of 03:53 PM Riyadh Time, top pre-market movements are as follows:
Change | Price(US$) | Ticker (🌙 means "Shariah Compliant") | Additional Information |
58.7% | 4.3 | 🌙 Mint(MIMI.US) | Joint venture with YAS Digital Group Limited announced. |
55.3% | 1.77 | Autozi Internet Technology (Global) Ltd. Class A(AZI.US) | Due to $5.25 million convertible note financing announcement. |
50.0% | 2.13 | Kustom Entertainment Inc(KUST.US) | - |
43.0% | 25.2 | 🌙 WidePoint Corporation(WYY.US) | Selected as DHS contract awardee, $3.1 billion contract. |
42.6% | 1.54 | iQSTEL, Inc.(IQST.US) | - |
38.2% | 6.11 | Focus Universal, Inc.(FCUV.US) | - |
34.3% | 0.76 | Nexera Technologies Ltd(NEXR.US) | Filed prospectus to resell up to 16.84 million shares. |
20.3% | 4.45 | Eshallgo Inc Class A(EHGO.US) | - |
19.3% | 70.25 | 🌙 Bio-Techne Corporation(TECH.US) | Due to acquisition agreement with Merck KGaA. |
18.8% | 1245.3 | 🌙 Micron Technology, Inc.(MU.US) | Due to Q3 earnings and Q4 guidance exceeding expectations. |
US Economic Data Highlights
- Core PCE Price Index: The annual rate for May reached 3.4%, in line with expectations and marking the highest level since October 2023.
- GDP Growth: The final reading of Q1 real GDP annualized growth was revised up to 2.1%, beating the forecast of 1.6% and the previous estimate of 1.6%.
- Jobless Claims: Initial unemployment claims for the week ending June 20 totaled 215,000, below the expected 225,000. The prior week's figure was revised slightly upward from 226,000 to 227,000.
US issues new Iran red line
- President Trump calls Strait of Hormuz transit fees a "red line" for US-Iran negotiations.
- Brent crude oil futures erased all war gains as US-Iran peace progress boosted Strait of Hormuz traffic.
- Trump administration requested US$87.6 billion from Congress for Iran war needs and Ebola response in Africa.
Major Banks Pass Stress Tests
Jpmorgan Chase(JPM.US), Goldman Sachs Group, Inc.(GS.US) raised dividends after passing easy Fed tests with new rules.
Wells Fargo Warns Against Chasing Rally
Wells Fargo & Company(WFC.US) advises retail investors to avoid chasing market rallies and wait for pullbacks.
JPMorgan Raises S&P 500 Target
Jpmorgan Chase(JPM.US) lifted its S&P 500 target to 7800, warning of a potential "flash crash" amid AI-driven gains and earnings revisions.
Micron, Qualcomm Spark US$400B AI Rally
- Chipmakers added over US$400 billion in market value after Micron Technology, Inc.(MU.US) surged 12% on strong AI-demand forecasts and QUALCOMM Incorporated(QCOM.US) projected US$15B in data-center sales by 2029. Read in detail>>
- Micron Technology signed 16 strategic customer agreements ensuring minimum committed revenue of US$100 billion, including US$22B in deposits, enhancing long-term stability. Read in detail>>
- Micron Technology addressed AI demand driving memory supply constraints, beating Q3 revenue and EPS estimates. Read in detail>>
- Micron Technology Inc customers committed billions upfront for memory years ahead due to AI-driven shortage, with tight conditions expected beyond 2027. Read in detail>>
- Micron Technology surged 15.84% after hours as Q3 revenue of US$41.46B crushed estimates and AI-driven demand guided Q4 to US$50B. Read in detail>>
SpaceX Lands Record US$25B Bond Debut
SpaceX(SPCX.US) completed a US$25b inaugural bond sale upsized from US$20b after attracting nearly US$90b in orders to fund AI infrastructure and Starlink projects. Read in detail>>
OpenAI Teams with Broadcom on First AI Chip
OpenAI and Broadcom Limited(AVGO.US) unveiled their first custom AI chip, cutting costs by roughly 50% versus traditional GPUs in the market.
Google AI Researchers Defect to Anthropic
Two Alphabet Inc. Class A(GOOGL.US) AI researchers plan to join rival Anthropic, threatening Google's AI leadership.
Russell 1000 Adds SpaceX, Boosts Trading
Trading volumes expected to surge Friday as FTSE Russell reconstitutes indexes, adding SpaceX(SPCX.US), Apple Inc.(AAPL.US), and Microsoft Corporation(MSFT.US) to value and growth categories. Read in detail>>
Bezos vs Musk: Robotaxi & Mars.
Amazon.com, Inc.(AMZN.US) Zoox unveils updated robotaxi, while Blue Origin shows Mars orbiter tech, challenging Tesla Motors, Inc.(TSLA.US) and SpaceX(SPCX.US). Read in detail>>
Agility Robot Goes Public, Backed by Nvidia, Amazon
Agility Robotics, a Tesla Motors, Inc.(TSLA.US) rival in humanoid robots, is going public via SPAC merger with Churchill Capital Corp. IX Class A(CCIX.US), backed by NVIDIA Corporation(NVDA.US) and Amazon.com, Inc.(AMZN.US). Read in detail>>
BioCardia Director Buys US$104K in Shares
Simon Stertzer, BioCardia, Inc.(BCDA.US) director, bought 109,200 shares valued at US$103,584; his stake rose to 166,338 direct and 657,137 indirect shares. Read in detail>>
Tesla Lags Nasdaq 100 Despite Bond Yield Drop
Tesla Motors, Inc.(TSLA.US) rose 10% over one year, trailing the Nasdaq 100's 32% gain despite falling bond yields and crude oil at US$73. Read in detail>>
Qualcomm Targets US$40B Revenue Shift
QUALCOMM Incorporated(QCOM.US) projects non-phone chip revenue to hit US$40B and data center chips to reach US$15B by 2029, shares up over 12%.
BlackBerry Beats Q1 Estimates
- BlackBerry Limited(BB.US) reported Q1 adj. EPS of US$0.04, beating US$0.03 estimate, and sales of US$152.900M, beating US$138.188M estimate. Read in detail>>
- BlackBerry Limited(BB.US) guides Q2 adjusted EPS US$0.03-$0.04, sales US$137M-$148M vs US$139.5M estimates. Read in detail>>
- BlackBerry lifts FY2027 adj EPS view to US$0.16-0.20 from US$0.15-0.19 vs US$0.17 est; sales guidance to US$594M-$621M from US$584M-$611M vs US$601.9M est. Read in detail>>
| Riyadh Time | Event | Previous Value | Forecast Value |
| 03:30 PM | Core PCE Price Index MoM | 0.3% | 0.2% |
| 03:30 PM | Durable Goods Orders MoM | 8.5% | -4.0% |
| 03:30 PM | GDP Growth Rate QoQ Final | 0.5% | 1.6% |
| 03:30 PM | Personal Income MoM | 0% | 0.3% |
| 03:30 PM | Personal Spending MoM | 0.4% | 0.7% |
| 03:30 PM | Chicago Fed National Activity Index | 0.19 | 0.12 |
| 03:30 PM | Durable Goods Orders Ex Transp MoM | 1.4% | 0.6% |
| 03:30 PM | GDP Price Index QoQ Final | 3.6% | |
| 03:30 PM | Initial Jobless Claims | 227K | 225.0K |
| 03:30 PM | PCE Price Index MoM | 0.4% | 0.4% |
| 03:30 PM | PCE Price Index YoY | 3.8% | 4.0% |
| 03:30 PM | Continuing Jobless Claims | 1800K | 1815.0K |
| 03:30 PM | Core PCE Price Index YoY | 3.3% | 3.3% |
| 03:30 PM | Core PCE Prices QoQ Final | 2.7% | 4.4% |
| 03:30 PM | Corporate Profits QoQ Final | 5.7% | |
| 03:30 PM | Durable Goods Orders ex Defense MoM | 8.4% | -3.9% |
| 03:30 PM | GDP Sales QoQ Final | 0.3% | 1.5% |
| 03:30 PM | Jobless Claims 4-week Average | 223.5K | 226.0K |
| 03:30 PM | Non Defense Goods Orders Ex Air | -0.7% | 0.4% |
| 03:30 PM | PCE Prices QoQ Final | 2.9% | 4.5% |
| 03:30 PM | Real Consumer Spending QoQ Final | 1.9% | 1.4% |
| 03:30 PM | Real Personal Spending MoM | 0% | 0.1% |
| 05:30 PM | EIA Natural Gas Stocks Change | 73Bcf | |
| 06:00 PM | Kansas Fed Composite Index | 8 | 6 |
| 06:00 PM | Kansas Fed Manufacturing Index | 9 | 7 |
| 06:30 PM | 4-Week Bill Auction | 3.580% | |
| 06:30 PM | 8-Week Bill Auction | 3.640% | |
| 07:00 PM | 15-Year Mortgage Rate | 5.81% | |
| 07:00 PM | 30-Year Mortgage Rate | 6.47% | |
| 08:00 PM | 7-Year Note Auction | 4.29% | |
| 10:40 PM | Fed Williams Speech | ||
| 11:30 PM | Fed Balance Sheet | $6.736T | |
| 01:30 AM +1 | Fed Goolsbee Speech |