Futures edge lower as Micron drags chip stocks down ahead of data
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Durable goods, jobless claims, GDP data eyed
Levi Strauss slumps after missing revenue expectations
Walgreens falls after results
Futures down : Dow 0.18%, S&P 500 0.16%, Nasdaq 0.20%
Updated at 7:14 a.m. ET/1114 GMT
By Ankika Biswas and Lisa Pauline Mattackal
June 27 (Reuters) -U.S. stock index futures slipped on Thursday as a slump inMicron Technology after a lackluster forecast dragged down other semiconductor stocks, whilecaution ahead of economic data and a presidential debate also dented sentiment.
The memory chipmaker's MU.O shares lost 5.8% premarketafter an in-linefourth-quarter revenue forecast disappointed investors hoping for more upside from the company'sperformance in the artificial intelligence boom. Optimism around AI-driven demand had lifted the stock 14% this month ahead of earnings.
"Anything less than fantastic is not good enough when your share price got multiplied by three in just about 18 months," said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Micron weighed on othersemiconductor stocks including AI-trade favorite NvidiaNVDA.O, which fell 1.6%.Arm Holdings ARM.O, Qualcomm QCOM.O and Advanced Micro Devices AMD.O were down between 0.2%and 0.7%.
With a handful of expensive heavily weighted stocks supporting Wall Street's ascent since the last leg of 2023, market participants have highlighted concerns over the rally's sustainability and have called out for the need to diversify portfolios to hedge against possible sharp losses.
Wall Street's three major indexes eked out modest gains in Wednesday's choppy trading, with Amazon.com AMZN.O hitting $2 trillion in market value for the first time. The retail giant's shares edged 0.1% higherin lackluster trading for megacap tech stocks.
Focus now shifts to a slate of economic data including durable goods for May, weekly jobless claims and first-quarter PCE and GDP figures before markets open,ahead of Friday's release of themonthly personal consumption expenditures (PCE) price index - the Federal Reserve's preferred inflation gauge.
Investors have largely stuck to their view of around two rate cuts this year, as per LSEG's FedWatch data, even though the U.S. central bank has projected only one.
Chances of an at least 25-basis-point rate cut in September, however, have slipped slightly to56.4% from over 60% earlier in the week.
Further, President Joe Biden and former President Donald Trump are set to face each other in the first debate during the day, ahead of their rematch this November.
At 7:14 a.m. ET, Dow e-minis 1YMcv1 were down 70 points, or 0.18%, S&P 500 e-minis EScv1 were down 8.75 points, or 0.16%, and Nasdaq 100 e-minis NQcv1 were down 40.5 points, or 0.2%.
Walgreens Boots Alliance WBA.O fell 5.6% after cutting its 2024profit forecast, citing lower consumer spending.
Nike NKE.N is due to report results afterthe closing bell.
Denim maker Levi Strauss LEVI.N slumped 15.3% afterfalling short of expectations for second-quarter revenue, while U.S.-listed shares of Canada's BlackBerry BB.N rose 7.7% after beating first-quarter revenue estimates.
International Paper IP.N dropped 14.4% after the world's largest pulp manufacturer, Brazil's Suzano SUZB3.SA, terminated talks to buy the U.S.-based firm.
Reporting by Ankika Biswas and Lisa Mattackal in Bengaluru; Editing by Maju Samuel
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Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
