Futures Rise as Investors Await Clues on Fed Rate Path
U.S. stock futures rose early Wednesday as investors await fresh clues on the Federal Reserve's rate path, particularly from the PCE inflation report and second-quarter GDP data.
The New York Fed President John Williams said there is no immediate urgency to raise benchmark interest rates, which has eased rate-hike expectations for October, with markets now pricing a 47% chance of a 25-basis-point increase down from about 71% earlier.
Micron Technology's earnings report after market hours will be closely watched for commentary on AI-related memory demand and the broader memory-chip cycle. Micron is one of several tech stocks in focus, including Apple Inc., which could sell 6 million units of its inaugural 'iPhone Duo' foldable device this year.
Other notable movers include Capricor Therapeutics, whose shares rose 19% after positive Hope-3 extension data showed significantly slower upper-limb deterioration in Duchenne muscular dystrophy patients treated with Deramiocel. Vanda Pharmaceuticals also saw its shares rise 10% after announcing positive Phase 3 results for Hetlioz (tasimelteon) in treating delayed sleep-wake phase disorder.