September S&P 500 E-Mini futures (ESU26) are up +0.24%, and September Nasdaq 100 E-Mini futures (NQU26) are up +0.32% this morning as a selloff in chipmakers abated, while investors awaited earnings from two of the world’s largest AI spenders and the Federal Reserve’s interest rate decision.
Chip and AI infrastructure stocks edged higher in pre-market trading, stabilizing after days of selling. Providing some relief was data storage company Seagate Technology Holdings (STX), which climbed over +5% in pre-market trading after posting blowout FQ4 results and issuing FQ1 guidance that smashed Wall Street’s estimates. Also, SK Hynix executives said on the earnings call that strong memory-chip demand could persist for years, although shares of the memory chip giant tumbled more than -9% in Seoul as its 13-fold surge in quarterly net profit failed to impress investors.
