Nasdaq futures rise as SK Hynix boosts chip stocks before Fed decision, earnings
QQQ•Nasdaq 100 futures rose 0.41% after SK Hynix reported a more than sevenfold jump in quarterly profit, while Dow futures fell 0.17% and S&P 500 futures gained 0.1%. Investors also awaited the Federal Reserve’s rate decision and major technology earnings.
1. Chip stocks advance
Nasdaq futures rose on Wednesday as memory-chip stocks gained after SK Hynix reported a more than sevenfold jump in quarterly profit. Micron Technology rose 4% in premarket trading, SK Hynix’s U.S.-listed shares jumped 7.8%, and Nvidia, AMD and Marvell Technology also moved higher.
2. Earnings in focus
Microsoft and Alphabet were due to report quarterly results after the market close, with investors set to scrutinize cloud growth and capital spending. Amazon and Intel were expected to report later in the week. Alphabet rose 1.2% after a media report that OpenAI plans to buy Google’s AI chips.
3. Fed decision ahead
At 4:53 a.m. ET, Dow futures were down 0.17%, S&P 500 futures were up 0.1% and Nasdaq 100 futures were up 0.41%. The Federal Reserve’s rate decision was due at 2 p.m. ET, with market consensus tilted toward a pause; traders also looked ahead to Thursday’s September Personal Consumption Expenditures report.
