Wall St futures gain as AI, consulting stocks offset bond-market jitters
SPY•U.S. stock index futures rose, with Dow futures up 0.08%, S&P 500 futures up 0.23% and Nasdaq 100 futures up 0.54%, as chip and consulting stocks advanced. The 10-year Treasury yield reached 5.3423%, its highest since 2002.
1. Stocks and yields
U.S. stock index futures rose on Thursday, supported by gains in chip and consulting stocks, while inflation and government debt concerns pushed Treasury yields to more than two-decade highs. The 10-year Treasury yield reached 5.3423%, its highest since 2002, a day after Treasuries recorded their worst quarter since 1994.
2. AI and consulting gains
Micron’s better-than-expected revenue forecast and $32 billion in customer commitments under supply agreements reinforced faith in the AI trade. Nvidia rose 0.7% in premarket trading, AMD gained 0.5% and Lam Research advanced 2.2%, while Micron slipped about 0.9%. Accenture jumped 16.4% after forecasting full-year revenue growth above estimates; Cognizant climbed 8.3% and IBM gained 5.9%.
3. Other market factors
The VIX rose to a two-week high of 16.31 points. Softer-than-expected inflation data tempered expectations for a near-term rate hike, with traders pricing in a 63% chance the Federal Reserve would hold rates steady; a December hike remained on the table. Constellation Energy rose 3% after signing a 20-year power purchase agreement with Amazon.
