Nasdaq, S&P 500, Dow Futures Rise As Micron, Qualcomm Calm AI Jitters: Why WEN, SPCX, NVDA Stocks Are Also In Focus

• Micron posted a 346% jump in quarterly revenue, to $41.5 billion.
• Qualcomm also helped boost markets after raising its fiscal 2029 revenue targets and announcing an expanded partnership with Meta Platforms. 
• Oil prices declined on Wednesday, with WTI crude futures falling below $70 per barrel overnight.

U.S. stock futures reversed a downtrend in the overnight session on Wednesday, as strong quarterly results from Micron Technology (MU) and massive revenue target updates from Qualcomm Inc. (QCOM) helped ease AI trade concerns following a rough session for technology stocks.

Nasdaq 100 futures rose nearly 2% in extended trading hours, while Dow futures edged 0.06% higher, and S&P 500 futures gained 0.54% as of 8.14 p.m ET.  Meanwhile, oil prices inched higher.

Among ETFs tracking benchmark indexes, the SPDR S&P 500 ETF (SPY), the Invesco QQQ Trust (QQQ), and the SPDR Dow Jones Industrial Average ETF Trust (DIA) all traded higher at the time of writing. The iShares 20+ Year Treasury Bond ETF (TLT) was trading up about 0.01% amid ‘bullish’ sentiment at the time of writing.

How Did US Markets Fare On Wednesday?

Markets closed mixed on Wednesday, with the Dow up 0.35% on gains in airlines and travel stocks amid falling crude oil prices.

Meanwhile, the Nasdaq Composite shed more than 100 points to close 0.43% lower, and the S&P 500 declined 0.09% amid a sell-off in technology stocks.

US Market Drivers

U.S. stock markets climbed higher after quarterly prints from Micron and a series of updates from Qualcomm at its investor day event lifted investor sentiment for the artificial intelligence industry, reinforcing that AI-fueled growth remains strong.

Micron posted a whopping 346% jump in quarterly revenue, which came in at $41.5 billion. The memory chipmaker also beat earnings expectations and provided a rosy outlook, citing robust demand from AI data centers. The stock has jumped nearly 16% overnight, and has added more than $120 billion in market cap since reporting earnings, according to The Kobeissi Letter.

Deepwater Asset Management's Gene Munster noted in a post on X that Micron’s CFO said on the earnings call that the company will be supply-constrained in FY28 and that he doesn't have line of sight to when it will be in equilibrium.

“My take: This is a significant positive for the AI trade, and evidence that the demand could outpace supply into late CY28 or even CY29. Hard to believe,” Munster said.

Micron’s strong quarterly results and outlook boosted other chip stocks, with shares of Sandisk Corp. (SNDK), Marvell Technology Inc. (MRVL), and Arm Holdings Plc. (ARM) surging overnight.

Meanwhile, Qualcomm raised its fiscal 2029 revenue targets across key segments and unveiled a data center AI strategy targeting over $15 billion in annual revenue.

The company also expanded its partnership with Meta Platforms (META), securing a deal to supply data center CPUs for the Facebook parent’s AI infrastructure, with production slated to begin in the second half of 2028. Shares of the company surged more than 10% in extended trading hours following the announcement.

Adding to the sentiment in the chip sector was the announcement from South Korea’s SK Hynix for a U.S. stock listing. As per reports, the company is seeking about $29 billion in the offering.

Micron “far exceeded analyst expectations and, crucially, forecast robust future chip demand. U.S. futures have more than recovered the losses sustained in cash trade, positioning Asian markets for a much more positive session,” Kyle Rodda, an analyst at Capital.com, told Bloomberg.

Meanwhile, easing tensions in the Middle East and increased transits through the Strait of Hormuz have also boosted market sentiment.

On the economic front, investors are awaiting Thursday's release of May’s Personal Consumption Expenditures Price Index, the Fed's preferred gauge of inflation.

Trending Stocks To Watch

Wendy's Co. (WEN): The fast food chain’s stock rallied more than 25% on Wednesday and continued to climb overnight after a now-deleted viral post on Reddit triggered a buy-in frenzy.

SpaceX (SPCX): Elon Musk’s aerospace company continued to garner retail attention following its blockbuster listing this week. Shares of the company slipped on Wednesday and continued to decline overnight, hit by the global tech rout.

Strategy (MSTR): Shares of the bitcoin development company fell more than 9% after the price of the world’s largest cryptocurrency fell sharply, adding to investor concerns about MSTR’s balance sheet and funding model.

Nvidia Corp. (NVDA): The AI darling jumped onto the retail radar after Micron’s outstanding earnings results and Qualcomm’s debut of its AI data center chips. NVDA shares edged about 0.5% higher in extended trading hours.

Global Market Trends

Easing tensions in the Middle East sent oil prices lower on Wednesday. At the time of writing, Brent crude futures expiring in August were trading 1.08% lower at around $72.94 per barrel. Meanwhile, WTI crude futures expiring in July fell 0.97% to trade at $69.66 a barrel.

Yields on the 10-year Treasury were up to 4.406% at the time of writing, while spot gold prices declined to around $3,996.49 an ounce.

Korean and Japanese stocks rallied at the open on Thursday, bolstered by the surge in tech prices. South Korea's KOSPI jumped about 4.45% at the time of writing, while Japan’s Nikkei 225 was up nearly 3%. China’s SSE Composite index and Australian stocks declined at the open on Thursday.

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