$MU posts a record quarter as Nasdaq futures lead a split market

Tech holds up, but this is a narrow rebound

December S&P 500 futures stood at 7,720.00, up 0.06%. Nasdaq 100 futures reached 30,883.25, up 0.60%, while Dow futures slipped 0.44% to 51,053.00. This is a split opening picture, with strength concentrated in technology.

Micron ($MU) reported a record quarter after Wednesday's close. Its results and next-quarter outlook offer a fresh test of demand for AI memory. Nasdaq outperformance is consistent with that support, but it does not prove what drove every futures trade.

These are delayed futures quotes from 3:56–3:57 a.m. ET. The VIX reading was 16.61 at 4:06 a.m., up 0.27 points. Index volatility has edged higher even while tech futures gained; those signals deserve separate attention.

Softer inflation has not stopped Treasury yields rising

The benchmark 10-year Treasury yield was 5.327% at 4:06 a.m. ET, up 3.4 basis points. The 2-year was 4.910%, up 2.3 basis points. One basis point equals 0.01 percentage point.

Wednesday's official August PCE report showed core prices rising 0.2% monthly and 3.0% annually. Headline inflation was 3.4% annually. Those are reported figures, not today's forecasts; the inflation release already happened.

The dollar index stood at 101.724, up 0.27%, in a quote timestamped 3:59 a.m. Higher yields raise the return investors can demand elsewhere. That creates a tougher valuation hurdle for shares whose expected profits sit far in the future.

Japan's chip rally contrasts with Europe's weak start

Japan's semiconductor index rose 5.55%, outpacing the broader Nikkei. Europe was weaker, so the Asian chip rally has not become a broad global advance. Hong Kong is closed for National Day; its table entry is yesterday's close, not an overnight move.

The Bank of Japan's September Tankan survey also showed a divided economy. Large manufacturers' sentiment improved to 24 from 22, while large nonmanufacturers slipped to 35 from 37. The survey gives another reason to distinguish factory strength from the rest of the economy.

Oil's rebound keeps supply risk on the inflation screen

November WTI was $92.42 a barrel, up 2.21%, in a 3:59 a.m. ET snapshot. December gold was $4,194.00 an ounce, up 0.17%. Bitcoin traded at $83,336.13 at 4:09 a.m.

Reuters reported that Chinese refiners suspended refined-fuel exports outside Hong Kong and Macau, citing sources. That concerns oil products, not a confirmed blanket ban on crude exports. It adds supply uncertainty, although the report alone cannot explain the entire oil move.

Today's data tests growth before Friday's employment report

Initial jobless claims arrive at 8:30 a.m. ET. Construction spending and ISM manufacturing follow at 10:00. Claims test whether hiring conditions are loosening; ISM asks whether factory activity is expanding, with 50 marking the dividing line.

Trading Economics lists consensus at 200,000 initial claims, 55.0 for ISM manufacturing, and unchanged monthly construction spending. Other calendars differ. These estimates are reference points, not results, and neither a strong nor a weak reading guarantees a particular market reaction.

Several Fed speakers share the calendar with those releases. Their remarks may matter if they connect today's data to the rate outlook. Before-the-open earnings from consulting, lighting and spices provide business-demand checks; $NKE's report after the close adds a consumer view.

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The outlook is management guidance, not earned revenue or a share-price target. For memory names, the next question is how much of that demand converts into sustained profits; a record quarter does not remove stock-specific risk.

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