Market Data 
Investing.com– U.S. stock index futures rose Thursday, boosted by strong earnings from memory chip maker Micron ahead of fresh comments from Fed chief Jerome Powell.
At 05:55 ET (09:55 GMT), rose 190 points, or 0.5%, climbed 45 points, or 0.8%, and gained 270 points, or 1.4%.
The main Wall Street benchmarks clocked a negative session on Wednesday, ending a four-day winning streak, but they remained in sight of record highs after logging strong gains in the wake of a bumper interest rate cut by the Fed earlier this month.
Micron surges on strong AI-fueled earnings
The tone Thursday has been helped by stronger-than-expected quarterly earnings from Micron (NASDAQ:), with the memory chip maker also offering up a blowout forecast for the current quarter on strong artificial intelligence demand.
The firm is one of the biggest memory chip makers in the world, and said it was benefiting greatly from robust AI demand, which ramped up sales of its high-bandwidth memory chips. Its stock rose over 15% premarket.
Powell speech, PCE data on tap
The focus this week was squarely on more cues from the Fed following last week’s rate cut, with set to speak later Thursday.
Powell will deliver pre-recorded remarks at the US Treasury Market Conference in New York at 09:20, according to the Fed’s website.
Several other Fed officials spoke through the week, mostly in support of last week’s 50 basis point cut. But they also warned that rates may not fall as sharply in the coming meetings.
data- the Fed’s preferred inflation gauge- is due on Friday, and is likely to factor into the central bank’s plans for rates.
Ahead of this, the economic data slate includes the likes of the latest second-quarter print, weekly and August’s orders release.
Aramark surges on report of Sodexo acquisition interest
Elsewhere, food catering firm Aramark Holdings (NYSE:) rallied 10% premarket to a more-than three-year high on a report that French rival Sodexo (EPA:) was considering a takeover.
H B Fuller (NYSE:) fell 10% after it cut its annual guidance, while Concentrix (NASDAQ:) slid 13% on weak quarterly earnings and guidance.
Aramark surges on report of Sodexo acquisition interest
Oil prices fell Thursday following a report that top exporter Saudi Arabia was set to discard its lofty crude price target as it looks at expanding production.
By 05:55 ET, the Brent contract dropped 1.6% to $71.77 per barrel, while U.S. crude futures (WTI) traded 1.6% lower at $68.57 per barrel.
The Financial Times reported earlier Thursday that Saudi Arabia, the world’s second-largest oil producer, is preparing to abandon its unofficial price target of $100 a barrel for crude as it prepares to increase output.
This talk of additional supply meant that the market largely shrugged off the reporting that U.S. oil inventories fell more-than-expected across the board last week.
(Ambar Warrick contributed to this article.)
