U.S. stock futures were pointing higher on Thursday, with the Nasdaq 100 leading the charge as a wave of AI optimism swept through markets. The Dow, S&P 500, and Russell 2000 futures also edged up, setting up a potentially strong open after Wednesday's mixed session.

The big catalyst? Micron Technology (Micron (MU)) reported fiscal third-quarter results that blew past expectations and issued guidance that made investors very happy. Shares surged 17% in premarket trading. The memory chip maker's strong outlook is being taken as a green light for the entire AI trade, lifting other semiconductor names along with it.

Qualcomm (Qualcomm (QCOM)) also got in on the action, jumping 12% after its 2026 Investor Day. The company laid out an ambitious plan to generate $40 billion in non-handset revenue by fiscal 2029, with over $15 billion from data centers, more than $14 billion from IoT, and $10 billion from automotive. It also set a target of more than $18 in adjusted earnings per share by then. That's a lot of chips to sell, but investors seem to believe it.

And then there's Wendy's (Wendy's (WEN)), which gained nearly 13% in premarket. The fast-food chain has become the latest target of retail traders on Reddit's WallStreetBets, fueled by high short interest and whispers of a potential takeover. It's a classic meme-stock setup, and so far, it's working.

On the macro front, Treasury Secretary Scott Bessent made some waves this morning. Speaking on CNBC, he took aim at the Federal Reserve's forecasting methods, calling its interest rate dot plots "always wrong" due to institutional "group think." He fully endorsed Fed Chair Kevin Warsh's decision to eliminate forward guidance, arguing that the economy can achieve high growth without triggering inflation. Bessent also unveiled a "3 through 3" economic blueprint aimed at sustaining high GDP growth while neutralizing "structural inflation."

Investors are also bracing for a busy data day. The Personal Consumption Expenditures Price Index — the Fed's preferred inflation gauge — is out at 8:30 a.m. ET, along with May durable goods, the third estimate of first-quarter GDP, and weekly jobless claims. Later, the Kansas City Fed survey and a speech by Chicago Fed President Austan Goolsbee will round out the day.

The 10-year Treasury yield was at 4.41%, while the two-year sat at 4.15%. According to the CME FedWatch Tool, markets are pricing in a 65.8% chance that the Fed holds rates steady at its July meeting.

Here's how the major index futures were shaping up premarket:

The SPDR S&P 500 ETF Trust (SPY) was up 0.25% at $738.75, while the Invesco QQQ Trust (QQQ) advanced 2.20% to $726.27.

Stocks in Focus

Micron Technology (MU)

Micron surged 17.20% premarket after reporting better-than-expected fiscal Q3 results and issuing strong guidance for the current quarter. The company's performance is seen as a bellwether for the AI-driven demand for memory chips. According to MarketDash's stock rankings, MU maintains a strong price trend in the short, long, and medium terms, with a good growth score.

Qualcomm (QCOM)

Qualcomm soared 12% after raising its long-term outlook at its 2026 Investor Day. The company projects $40 billion in non-handset revenue by fiscal 2029, including over $15 billion from data centers, more than $14 billion from IoT, and $10 billion from automotive. It also targets over $18 in adjusted EPS by fiscal 2029. MarketDash's rankings show QCOM with a strong price trend across all timeframes and a solid quality score.

Wendy's (WEN)

Wendy's advanced 12.98% as retail investors piled in, driven by high short interest and takeover speculation. Discussions on Reddit's WallStreetBets fueled the momentum. MarketDash's rankings indicate WEN has a strong price trend in the short and medium terms but a weak trend long-term, with a moderate value score.

H.B. Fuller (FUL)

H.B. Fuller fell 2.48% despite posting upbeat Q2 earnings and raising its FY2026 outlook. The company also announced an offer to acquire Advanced Medical Solutions. MarketDash's rankings show FUL with a strong price trend across all timeframes and a solid growth score.

Advanced Micro Devices (AMD)

AMD rose 3.75% after UBS analyst Timothy Arcuri reiterated a Buy rating and raised the price target to $670 from $455, citing CPU momentum. MarketDash's rankings indicate AMD has a strong price trend in the short, long, and medium terms, but a poor value score.

Cues From Last Session

Most sectors on the S&P 500 closed positive on Wednesday, with utilities, industrials, and consumer discretionary stocks leading. However, energy and information technology stocks ended lower. Here's how the major indices finished:

Insights From Analysts

Luis Alvarado, Co-Head of Global Fixed Income at Wells Fargo, notes that "the era of central banks driving bond markets is giving way to a more market-driven investment landscape." This shift is influenced by "inflation uncertainty, government borrowing needs, and shifting investor demand." He adds that Fed Chair Kevin Warsh is "rethinking how it communicates with markets," and the Fed appears comfortable "letting investors interpret the data for themselves and allowing market signals to play a larger role in policymaking." Alvarado warns investors to "expect more volatility than we saw during much of the QE era."

Upcoming Economic Data

Here's what's on tap for Thursday:

• 8:30 a.m. ET: May durable goods, Q1 GDP (third estimate), weekly jobless claims, May personal income and spending, and the headline and core PCE price index.
• 11:00 a.m. ET: June Kansas City Fed survey.
• 6:30 p.m. ET: Chicago Fed President Austan Goolsbee speaks at the Chicago Council on Global Affairs.

Commodities, Crypto, and Global Markets

Crude oil futures were down 1.41% in early New York trading, hovering around $69.35 per barrel. Gold slipped 0.14% to about $3,993.67 per ounce. The U.S. Dollar Index was up 0.24% at 101.65.

Bitcoin (BTC) was trading 1.61% lower at $61,614.83 over the past 24 hours.

Asian markets closed mixed on Thursday: Hong Kong's Hang Seng and Australia's ASX 200 fell, while Japan's Nikkei 225, China's CSI 300, India's Nifty 50, and South Korea's Kospi rose. European markets were higher in early trade.