(Editor’s note: The future prices of benchmark tracking ETFs and the headline were updated in the story.)
U.S. stock futures rose on Thursday, as the Dow Jones, Nasdaq 100, and S&P 500 indices rose, following Wednesday’s mixed close.
On the economic data front, May’s personal consumption expenditures (PCE) price index rose 0.4% monthly and 4.1% year-over-year, while core PCE increased 0.3%. Meanwhile, the third estimate of first-quarter real GDP was revised up to an annual growth rate of 2.1%, up from the previously reported 1.6%.
Labor market indicators remained resilient as initial jobless claims for the week ending June 20 fell by 12,000 to 215,000. However, manufacturing momentum slowed significantly as May’s new orders for manufactured durable goods fell 4.5% to $332.1 billion, breaking a two-month streak of consecutive gains.
Meanwhile, Treasury Secretary Scott Bessent aimed at the Federal Reserve’s forecasting methods, declaring that the central bank’s interest rate dot plots are “always wrong” due to institutional “group think.” Speaking on CNBC, Bessent fully endorsed Fed Chair Kevin Warsh‘s decision to eliminate forward guidance, arguing the economy can achieve high growth without triggering inflation.
He also unveiled a comprehensive "3 through 3" economic blueprint designed to sustain 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‘s projections show markets pricing a 65.8% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.09% |
| S&P 500 | 0.71% |
| Nasdaq 100 | 2.15% |
| Russell 2000 | 0.12% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were higher in premarket on Thursday. The SPY was up 0.79% at $739.01, while the QQQ advanced by 2.26% to $726.72.
Stocks In Focus
Micron Technology
- Micron Technology Inc. (NASDAQ:MU) surged 17.20% in premarket on Thursday as it posted better-than-expected financial results for the third quarter of fiscal 2026 and issued strong guidance for the current quarter.
- Benzinga’s Edge Stock Rankings indicate that MU maintains a strong price trend in the short, long, and medium terms, with a good growth score.
Qualcomm
- Qualcomm Inc. (NASDAQ:QCOM) soared 12.00% as it raised its long-term outlook at 2026 Investor Day, projecting $40 billion in non-handset revenue by fiscal 2029, including more than $15 billion from data centers, over $14 billion from IoT, and $10 billion from automotive businesses. The company also said it was targeting more than $18 in adjusted earnings per share by fiscal 2029.
- Benzinga’s Edge Stock Rankings indicate that QCOM maintains a strong price trend in the short, medium, and long terms, with a solid quality score.
Wendy’s
- Wendy’s Co. (NASDAQ:WEN) advanced by 12.98% as the fast-food chain attracted significant attention from retail investors, driven by high short interest and speculation of a potential takeover. Discussions on platforms like Reddit’s WallStreetBets further fueled the stock’s momentum.
- Benzinga’s Edge Stock Rankings indicate that WEN maintains a strong price trend in the short and medium terms but a weak trend in the long term, with a moderate value score.
H.B. Fuller
- H.B. Fuller Co. (NYSE:FUL) fell 2.48% despite posting upbeat earnings for the second quarter and raising its FY2026 earnings outlook. It also announced its offer to acquire Advanced Medical Solutions.
- Benzinga’s Edge Stock Rankings indicate that FUL maintains a strong price trend in the short, long, and medium terms, with a solid growth score.
Advanced Micro Devices
- Advanced Micro Devices Inc. (NASDAQ:AMD) rose 3.75% after UBS analyst Timothy Arcuri reiterated a Buy rating on AMD and raised the price target to $670 from $455, citing CPU momentum.
- Benzinga’s Edge Stock Rankings indicate that AMD maintains a strong price trend in the short, long, and medium terms, with a poor value score.
Cues From Last Session
Most sectors on the S&P 500 closed on a positive note, with utilities, industrials, and consumer discretionary stocks recording the biggest gains on Wednesday. However, energy and information technology stocks closed the session lower.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.35% | 51,848.90 |
| S&P 500 | -0.098% | 7,358.22 |
| Nasdaq Composite | -0.43% | 25,476.64 |
| Russell 2000 | 0.37% | 2,986.63 |
Insights From Analysts
The Co-Head of Global Fixed Income at Wells Fargo, Luis Alvarado, highlights that “the era of central banks driving bond markets is giving way to a more market-driven investment landscape.”
This shift is heavily influenced by “inflation uncertainty, government borrowing needs, and shifting investor demand.”
Regarding the broader economic environment and policymaking, Alvarado notes that Federal Reserve Chair Kevin Warsh is “rethinking how it communicates with markets.”
The Fed appears increasingly comfortable “letting investors interpret the data for themselves and allowing market signals to play a larger role in policymaking.”
Consequently, Alvarado cautions that market participants must adapt to a new economic reality. As central bank intervention recedes, he explicitly warns investors to “expect more volatility than we saw during much of the QE era”.
Upcoming Economic Data
Here’s what investors will be keeping an eye on Thursday.
- PCE Inflation (May): The headline PCE price index rose 0.4% month-over-month and 4.1% from a year ago, while core inflation (excluding food and energy) advanced 0.3% for the month and 3.4% year-over-year.
- First-Quarter GDP (Third Estimate): Real gross domestic product expanded at an updated annual rate of 2.1%, reflecting an upward revision of 0.5 percentage points from the second estimate, primarily due to lower imports.
- Weekly Jobless Claims: Initial claims for state unemployment benefits dropped by 12,000 to a seasonally adjusted 215,000 for the week ending June 20.
- Durable Goods Orders (May): New orders for long-lasting manufactured items fell 4.5% to $332.1 billion, driven down largely by a 14.0% plunge in transportation equipment.
- June’s Kansas City Fed survey data will be out by 11:00 a.m., and Chicago Fed President Austan Goolsbee will speak at the Chicago Council on Global Affairs at 6:30 p.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 1.41% to hover around $69.35 per barrel.
Gold Spot US Dollar fell 0.14% to hover around $3,993.67 per ounce. The U.S. Dollar Index spot was 0.24% higher at the 101.6490 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 1.61% lower at $61,614.83 per coin, as per the last 24 hours.
Asian markets closed mixed on Thursday, as Hong Kong’s Hang Seng and Australia’s ASX 200 indices fell, while Japan’s Nikkei 225, China’s CSI 300, India’s Nifty 50, and South Korea’s Kospi indices rose. European markets were higher in early trade.
Photo courtesy: Shutterstock
Login to comment