U.S. stock futures are pointing up as the S&P 500 remains less than 1% away from its all-time closing high; President Donald Trump reportedly is considering naming a successor to Federal Reserve Chair Jerome Powell early; Microsoft (MSFT) and Nvidia (NVDA) stocks both set new all-time highs; Micron Technology (MU) shares are gaining in premarket trading after the firm’s revenue surged on data center sales; and Nike (NKE) is set to report results after the closing bell. Here’s what investors need to know today.
1. US Stock Futures Point Up as S&P 500 Remains Near Record High
U.S. stock futures are pointing slightly higher with the S&P 500 remaining near its record closing high as geopolitical tensions cool in the wake of the Israel-Iran ceasefire. S&P 500 futures are 0.4% higher after the benchmark index closed fractionally lower yesterday, while Nasdaq and Dow Jones Industrial Average futures are up 0.5% and 0.3%, respectively. Bitcoin (BTCUSD) is slightly lower at around $107,500. The yield on the 10-year Treasury note also is down slightly. Both oil and gold futures are ticking higher.
2. Trump Considers Naming Next Fed Chair Early, Report Says
President Donald Trump is considering naming a successor to Federal Reserve Chair Jerome Powell “by September or October,” even though the embattled central banker still has 11 months remaining in his term, according to a report in The Wall Street Journal. Trump has been critical of Powell for not leading the Federal Reserve to reduce interest rates as inflation has ticked lower. The report said Trump is considering former Fed governor Kevin Warsh and National Economic Council director Kevin Hassett, while Treasury Secretary Scott Bessent is being pitched to him “by allies of both men as a potential candidate.”
3. Microsoft, Nvidia Stocks Set New Record Highs
Shares of Microsoft (MSFT) and Nvidia (NVDA) both reached all-time highs on Wednesday as the two tech titans compete for the title of world’s most valuable company. Nvidia’s stock rose more than 4% yesterday to push its market capitalization to nearly $3.77 trillion, surpassing Microsoft’s $3.66 trillion. Microsoft has set a new record closing high 12 times in June, while Nvidia moved past its prior record high set in January. Microsoft shares are ticking higher in premarket trading, while Nvidia’s are up 1.3%.
4. Micron Technology Stock Rises as Revenue Soars on AI Demand
Micron Technology (MU) shares are rising 2.3% in premarket trading after the memory chip maker reported record revenue in as surging AI demand spurred strong data center sales. Micron reported fiscal third-quarter revenue of $9.3 billion, up 37% year-over-year, well above the analyst consensus compiled by Visible Alpha, and adjusted earnings per share of $1.91 also topped estimates. The gains came as the Nvidia partner’s data center sales more than doubled. Micron’s outlook for the current quarter also exceeded analyst estimates. The company’s shares have added more than half their value this year entering Thursday.
5. Nike Set to Report Results After Closing Bell
Nike (NKE) is slated to report fiscal fourth-quarter results after the closing bell today, and the struggling shoemaker is expected to report year-over-year sales and profit declines. Analysts surveyed by Visible Alpha expect Nike to report a 15% revenue drop, while earnings are also expected to move lower. However, analysts will also be focused on the company’s long-term outlook amid CEO Elliott Hill’s turnaround plan. Current options pricing suggests traders expect shares could move close to 8% in either direction in the wake of the results. Nike shares are edging higher in premarket trading.
