Stock Market Today: Dow Jones, S&P 500, Nasdaq Futures Gain As AI Stocks Rally On Micron’s Strong Outlook

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.

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.