Nasdaq Futures Surge Amid Treasury Yield Hikes and Micron Earnings
Nasdaq futures surged by roughly 0.6% or 202 points on Thursday as US stock markets prepared to open, despite another increase in Treasury yields that pushed the Dow towards a three-month low.
The 10-year Treasury yield climbed above 5.3%, while the 30-year approached 5.7%, levels not seen since 2002. This move is increasingly about more than just the next Federal Reserve decision, with investors demanding higher compensation for inflation, heavy government borrowing, and the financing requirements of the AI investment boom.
Micron's strong earnings report added to the positive sentiment, with the company reporting fiscal fourth-quarter revenue of $54.23 billion and adjusted earnings of $33.42 a share, both above forecasts. The stock itself was relatively subdued, reflecting how much strength investors had already priced in.