Nasdaq futures gain as SK Hynix lifts chip stocks ahead of Fed decision and earnings
QQQ•Nasdaq 100 futures rose 0.45% as SK Hynix’s more than sevenfold quarterly profit increase lifted chip stocks, while investors awaited the Federal Reserve’s decision and results from Microsoft and Alphabet. Dow futures fell 0.23% and S&P 500 futures gained 0.14%.
1. Chip stocks climb
Memory-chip maker Micron Technology gained 4.2% before the market opened, while SK Hynix’s U.S.-listed shares jumped 8.5% after the South Korean company reported a more than sevenfold increase in quarterly profit. Sandisk and Western Digital rose 1.9% and 5.1%, respectively; Seagate fell 1.5%. Nvidia, AMD and Marvell Technology also advanced.
2. Earnings in focus
Microsoft and Alphabet were due to report after the market close, with both expected to post accelerating cloud growth. Investors were set to scrutinize their capital spending plans for signs that AI investments are generating returns. Amazon.com and Intel were expected to report later in the week.
3. Fed decision ahead
The Federal Reserve’s rate decision was due at 2 p.m. ET, with market consensus widely tilted toward a pause after last month’s hike. Traders saw at least three 25-basis-point increases by late 2027, LSEG data showed. The September Personal Consumption Expenditures inflation report and third-quarter GDP figures were also due later in the week.
