Tech Stocks Fuel Rebound as Micron Jumps 12%: Markets Wrap

(Bloomberg) — Stocks rose after an upbeat forecast from the largest US memory-chip maker helped spark a rebound in technology shares on a busy day for data and central bank meetings.

Futures for the Nasdaq 100 climbed 0.8% and those on the S&P 500 added 0.5%. Micron Technology Inc. shares advanced more than 12% in premarket trading after giving a revenue prediction that beat estimates. Tesla Inc. rose 1.6% to lead gains among the Magnificent Seven megacaps.

Among key events for financial markets Thursday are the release of US inflation data for November, along with a monetary policy decision from the European Central Bank. In the UK, the Bank of England cut interest rates by an expected 25 basis points, sending gilt yields higher after warning that future easing decisions will be finely balanced.

Thursday’s improved tone is helping investors recoup losses from the Nasdaq 100’s nearly 2% retreat in the previous session, driven by renewed doubts that artificial-intelligence leaders can justify their rich valuations and aggressive spending. The debate has fueled market swings for weeks, coming after the sector led the S&P 500 higher for a third straight year.

“It’s unavoidable to have that type of volatility when you have such a dominant narrative, such high levels of capex,” said Lilian Chovin, head of asset allocation at Coutts. “What’s shifted for the better is that macro data has been good. We expect re-acceleration for 2026 across the globe, which is positive for the underlying market sentiment and corporate earnings.”

The yield on 10-year US Treasuries was down 2 basis points at 4.13% as traders awaited Thursday’s inflation reading for pointers on the path for interest rates. Investors are also preparing for news from US President Donald Trump on his pick for the next Fed Chair, after saying Wednesday that he will make an announcement “soon.”

The November CPI report will offer only a partial snapshot of inflation, without monthly changes for most of the price categories. Much of the October price information was unable to be collected and November data gathering was also delayed by the government’s closure.

The dollar was little changed, while Bitcoin rose above $87,000.

Policy Meetings

The ECB is forecast to keep rates unchanged for a fourth meeting with new economic projections likely to flag solid growth and confidence inflation won’t stray excessively from policymakers’ target.

In commodities, oil inched higher for a second day as geopolitical risks in Venezuela and Russia offered some support to prices that have slumped on a bearish oversupply outlook.

Corporate Highlights:

UBS Group AG is set to begin its latest wave of job cuts in mid-January, according to people familiar with the matter. Trump Media & Technology Group Corp. and TAE Technologies Inc. agreed to combine in an all-stock transaction valued at more than $6 billion. BP Plc appointed Meg O’Neill as chief executive officer, replacing Murray Auchincloss after just two years in the job as the oil giant struggles to revive its fortunes. Activist investor Elliott Investment Management has built a stake of more than $1 billion in Lululemon Athletica Inc., according to a person familiar with the matter. The White House is set to announce drug pricing deals with pharmaceutical heavyweights Novartis AG and Roche Holding AG as soon as Friday, according to people familiar with the situation, further easing trade tensions with Switzerland after a standoff over tariffs. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.5% as of 7:06 a.m. New York time Nasdaq 100 futures rose 0.8% Futures on the Dow Jones Industrial Average rose 0.3% The Stoxx Europe 600 rose 0.3% The MSCI World Index was little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.2% to $1.1720 The British pound was little changed at $1.3386 The Japanese yen was little changed at 155.78 per dollar Cryptocurrencies

Bitcoin rose 1.6% to $87,290.12 Ether rose 1.4% to $2,858.25 Bonds

The yield on 10-year Treasuries declined two basis points to 4.13% Germany’s 10-year yield declined one basis point to 2.85% Britain’s 10-year yield was little changed at 4.48% Commodities

West Texas Intermediate crude was little changed Spot gold fell 0.4% to $4,322.75 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Andre Janse van Vuuren.

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