Pre-market futures are all in the green, led by the Nasdaq's gain of 700 points, following Micron's fiscal Q3 earnings. The Personal Consumption Expenditures price index for May rose 4.1% year-over-year, the highest since April 2023, while core PCE reached 3.4%, the highest since October 2023. The second revision to first-quarter GDP surprised with a half-point jump to 2.1%, though consumption dropped to 0.5%, the weakest since Q1 2022. Weekly initial jobless claims fell to 215,000, the first print below 220,000 in a month, and continuing claims held at 1.821 million. Durable goods orders for May dropped 4.5%, but excluding transportation they rose 1.3%, and non-defense capital goods orders excluding aircraft climbed 1.6%, the best since March.
Micron Technology IncMicron's fiscal Q3 earnings beat expectations, driving pre-market gains.