June S&P 500 E-Mini futures (ESM26) are up +0.14%, and June Nasdaq 100 E-Mini futures (NQM26) are up +0.27% this morning, buoyed by gains in technology stocks, while investors await the Federal Reserve’s interest rate decision, a Senate committee vote on a new Fed chairman, a slew of U.S. economic data, and earnings reports from four Magnificent Seven companies.
Futures on the Nasdaq 100 outperformed as memory and storage stocks rallied in pre-market trading after strong results and guidance from Seagate Technology signaled the AI boom continues to fuel demand for data storage. Chip stocks also advanced in pre-market trading, led by a more than +18% jump in NXP Semiconductors N.V. after it reported better-than-expected Q1 results and issued strong Q2 guidance.
