US Futures Slip Ahead of Data as Micron Plunges – Europe Market Wrap

US equity-index futures fell ahead of economic data that would influence the direction of Fed policy, while tech titans were negatively impacted by Micron’s dismal sales projection.

Following Fed Governor Michelle Bowman’s tempering of market expectations for rate cuts, traders are keeping an eye on reports on economic growth and weekly unemployment claims before tomorrow’s important inflation statistics. Treasury rates continued to rise from yesterday, and a measure of the dollar was close to reaching an eight-month high.

The hazards of depending on manufacturers of AI chips to drive the stock rise were brought to light by Micron’s lacklustre outlook. Premarket trading saw an 8% decline in the shares, which hurt several megacap tech peers, including Nvidia. Ahead of Sunday’s French elections, traders were in a holding mode, which caused Europe’s stock benchmark to decline.

The MSCI Asia Pacific measure saw a dip in Asian markets, setting it up for its first loss in three days. The Yen recovered some of the losses it suffered on Wednesday, when it fell to its lowest level since 1986—160.87 per dollar.