US stock futures rose on Thursday, led by gains in technology stocks as Micron Technology and Qualcomm surged following strong financial guidance. The Dow Jones, S&P 500, and Nasdaq 100 indices all advanced in premarket trading, building on a mixed close from the previous session. Investors are focused on upcoming economic data, particularly the Personal Consumption Expenditures Price Index, which serves as the Federal Reserve's preferred inflation gauge.

Treasury Secretary Scott Bessent criticized the Federal Reserve's forecasting methods, stating that the central bank’s interest rate dot plots are “always wrong” due to institutional “group think.” Speaking on CNBC, Bessent endorsed Fed Chair Kevin Warsh’s decision to eliminate forward guidance, arguing 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.

The 10-year Treasury bond yielded 4.41%, and the two-year bond was at 4.15%. The CME Group’s FedWatch tool indicates a 65.8% likelihood that the Federal Reserve will leave interest rates unchanged during its July meeting. Major ETFs tracking the indices were higher in premarket trading, with the SPDR S&P 500 ETF Trust (SPY) up 0.25% at $738.75 and the Invesco QQQ Trust ETF (QQQ) advancing 2.20% to $726.27.

Stocks in Focus

Micron Technology Inc. (NASDAQ: MU) surged 17.20% in premarket trading after posting better-than-expected financial results for the third quarter of fiscal 2026 and issuing strong guidance for the current quarter. Qualcomm Inc. (NASDAQ: QCOM) soared 12.00% after raising its long-term outlook at its 2026 Investor Day, projecting $40 billion in non-handset revenue by fiscal 2029. The company targets more than $18 in adjusted earnings per share by fiscal 2029.

Wendy’s Co. (NASDAQ: WEN) advanced 12.98% as the fast-food chain attracted significant retail investor attention, driven by high short interest and speculation of a potential takeover. Discussions on platforms like Reddit’s WallStreetBets fueled the stock’s momentum. Advanced Micro Devices Inc. (NASDAQ: 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.

Cues From Last Session

Most sectors on the S&P 500 closed positively on Wednesday, with utilities, industrials, and consumer discretionary stocks recording the biggest gains. However, energy and information technology stocks closed lower. The Dow Jones rose 0.35% to 51,848.90, while the S&P 500 fell 0.098% to 7,358.22. The Nasdaq Composite declined 0.43% to 25,476.64, and the Russell 2000 gained 0.37% to 2,986.63.

Upcoming Economic Data

Investors are awaiting May’s durable goods data, the third estimate of first-quarter GDP, and initial jobless claims for the week ending June 20. May’s personal income, consumer spending, headline, and core PCE data will also be released. June’s Kansas City Fed survey data is expected later, and Chicago Fed President Austan Goolsbee is scheduled to speak at the Chicago Council on Global Affairs.