Stock Market Today: S&P 500, Nasdaq Futures Gain As AI Stocks Rally On Micron’s Strong Outlook—Qualcomm, Wendy's In Focus

U.S. stock futures rose on Thursday, as the Dow Jones, Nasdaq 100, and S&P 500 indices rose, following Wednesday’s mixed close.

Investors are awaiting Thursday’s release of the Personal Consumption Expenditures Price Index, which serves as the Federal Reserve’s preferred inflation gauge.

Meanwhile, Treasury Secretary Scott Bessent aimed at the Federal Reserve’s forecasting methods, declaring that the central bank’s interest rate dot plots are “always wrong” due to institutional “group think.” Speaking on CNBC, Bessent fully endorsed Fed Chair Kevin Warsh‘s decision to eliminate forward guidance, arguing the economy can achieve high growth without triggering inflation.

He also unveiled a comprehensive "3 through 3" economic blueprint designed to sustain high GDP growth while neutralizing "structural inflation."

The 10-year Treasury bond yielded 4.41%, and the two-year bond was at 4.15%. The CME Group’s FedWatch tool‘s projections show markets pricing a 65.8% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.

Index	Performance (+/-)
Dow Jones	0.09%
S&P 500	0.71%
Nasdaq 100	2.15%
Russell 2000	0.12%

The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Thursday. The SPY was up 0.25% at $738.75, while the QQQ advanced by 2.20% to $726.27.

Stocks In Focus

Micron Technology

• Micron Technology Inc. (NASDAQ:MU) surged 17.20% in premarket on Thursday as it posted better-than-expected financial results for the third quarter of fiscal 2026 and issued strong guidance for the current quarter.

• Benzinga’s Edge Stock Rankings indicate that MU maintains a strong price trend in the short, long, and medium terms, with a good growth score.

Qualcomm

• Qualcomm Inc. (NASDAQ:QCOM) soared 12.00% as it raised its long-term outlook at 2026 Investor Day, projecting $40 billion in non-handset revenue by fiscal 2029, including more than $15 billion from data centers, over $14 billion from IoT, and $10 billion from automotive businesses. The company also said it was targeting more than $18 in adjusted earnings per share by fiscal 2029.

• Benzinga’s Edge Stock Rankings indicate that QCOM maintains a strong price trend in the short, medium, and long terms, with a solid quality score.

Wendy’s

• Wendy’s Co. (NASDAQ:WEN) advanced by 12.98% as the fast-food chain attracted significant attention from retail investors, driven by high short interest and speculation of a potential takeover. Discussions on platforms like Reddit’s WallStreetBets further fueled the stock’s momentum.

• Benzinga’s Edge Stock Rankings indicate that WEN maintains a strong price trend in the short and medium terms but a weak trend in the long term, with a moderate value score.

H.B. Fuller

• H.B. Fuller Co. (NYSE:FUL) fell 2.48% despite posting upbeat earnings for the second quarter and raising its FY2026 earnings outlook. It also announced its offer to acquire Advanced Medical Solutions.

• Benzinga’s Edge Stock Rankings indicate that FUL maintains a strong price trend in the short, long, and medium terms, with a solid growth score.

Advanced Micro Devices

• Advanced Micro Devices Inc. (NASDAQ:AMD) rose 3.75% after UBS analyst Timothy Arcuri reiterated a Buy rating on AMD and raised the price target to $670 from $455, citing CPU momentum.

• Benzinga’s Edge Stock Rankings indicate that AMD maintains a strong price trend in the short, long, and medium terms, with a poor value score.

Cues From Last Session

Most sectors on the S&P 500 closed on a positive note, with utilities, industrials, and consumer discretionary stocks recording the biggest gains on Wednesday. However, energy and information technology stocks closed the session lower.

Index	Performance (+/-)	Value
Dow Jones	0.35%	51,848.90
S&P 500	-0.098%	7,358.22
Nasdaq Composite	-0.43%	25,476.64
Russell 2000	0.37%	2,986.63

Insights From Analysts

The Co-Head of Global Fixed Income at Wells Fargo, Luis Alvarado, highlights that “the era of central banks driving bond markets is giving way to a more market-driven investment landscape.”

This shift is heavily influenced by “inflation uncertainty, government borrowing needs, and shifting investor demand.”

Regarding the broader economic environment and policymaking, Alvarado notes that Federal Reserve Chair Kevin Warsh is “rethinking how it communicates with markets.”

The Fed appears increasingly comfortable “letting investors interpret the data for themselves and allowing market signals to play a larger role in policymaking.”

Consequently, Alvarado cautions that market participants must adapt to a new economic reality. As central bank intervention recedes, he explicitly warns investors to “expect more volatility than we saw during much of the QE era”.

Upcoming Economic Data

Here’s what investors will be keeping an eye on Thursday.

• May’s durable goods data, the third estimate of first-quarter GDP, initial jobless claims for the week ending June 20, and May’s personal income, consumer spending, headline, and core PCE data will all be released by 8:30 a.m. ET.
• June’s Kansas City Fed survey data will be out by 11:00 a.m., and Chicago Fed President Austan Goolsbee will speak at the Chicago Council on Global Affairs at 6:30 p.m. ET.

Commodities, Crypto, And Global Equity Markets

Crude oil futures were trading lower in the early New York session by 1.41% to hover around $69.35 per barrel.

Gold Spot US Dollar fell 0.14% to hover around $3,993.67 per ounce. The U.S. Dollar Index spot was 0.24% higher at the 101.6490 level.

Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.61% lower at $61,614.83 per coin, as per the last 24 hours.

Asian markets closed mixed on Thursday, as Hong Kong’s Hang Seng and Australia’s ASX 200 indices fell, while Japan’s Nikkei 225, China’s CSI 300, India’s Nifty 50, and South Korea’s Kospi indices rose. European markets were higher in early trade.

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