S&P 500, Nasdaq set for higher open as SK Hynix lifts chips; Fed in focus
SPY•SPY•SPY•SPY•U.S. stock futures pointed to a higher open, with S&P 500 futures up 0.21% and Nasdaq futures up 0.41%, as chip stocks gained after SK Hynix reported a more than sevenfold jump in quarterly profit. Investors awaited the Federal Reserve’s rate decision and results from Microsoft and Alphabet after the close.
Micron rose 3.6% in premarket trading, and SK Hynix’s U.S.-listed shares jumped 7.5% after the South Korean chipmaker reported a more than sevenfold increase in quarterly profit. Sandisk and Western Digital also gained, while Seagate fell 2.5% after reporting quarterly results. Nvidia, AMD and Marvell Technology advanced as well.
At 8:16 a.m. ET, Dow futures were down 0.07%, while S&P 500 futures rose 0.21% and Nasdaq 100 futures gained 0.41%. The Federal Reserve’s rate decision was due at 2 p.m. ET, with market consensus tilted toward a pause. Investors were also looking ahead to Microsoft and Alphabet results after the close, with attention on cloud growth and capital spending.
