US Stock Futures Rise After Micron, Dollar Gains: Markets Wrap

(Bloomberg) — US stock-index futures rose along with Asian technology shares as Micron Technology Inc.’s upbeat forecast lifted the sector. Treasuries held losses, while the dollar strengthened.

Contracts for the Nasdaq 100 Index climbed 1.2% and those for the S&P 500 Index rose 0.6%, boosting sentiment at the start of a new quarter after late swings on Wall Street Wednesday. Tech shares helped lift Japan’s Nikkei 225 index by 3.3% and South Korea’s Kospi by 1.7%. Futures pointed to a slightly lower open for Europe.

Micron once more posted historically high gross margins, but warned they will tighten slightly. The company’s shares edged up 0.4% in after-market trading. Alphabet Inc. rose 1.7% in extended trading after Google began rolling out the Gemini 4 Argon, its long-awaited flagship AI model.

Elsewhere, oil declined, helping pause a selloff in Treasuries. The benchmark 10-year Treasury yield held at around 5.28%, near Wednesday’s peak. The 30-year yield was at 5.62%, having reached the highest since 2002 during New York trading. Bonds fell across Asia Pacific, following Wednesday’s Treasury moves.

“While Micron shares lacked direction in after-hours trading, the results were encouraging as they underscored the need for continued investment to keep pace with robust AI demand,” said Yugo Tsuboi, chief strategist at Daiwa Securities.

Micron’s forecast offered fresh support for equities, though Wall Street’s late retreat underscored lingering uncertainty despite easing inflation concerns and reduced expectations for another Federal Reserve interest-rate hike. Attention now turns to Friday’s US payrolls data for clues on whether stocks can regain ground after the MSCI All Country World Index — a key barometer of global stocks — dropped for the first time in three months in September.

What Bloomberg’s Strategists Say…

“France is at the epicenter of the global long-bond selloff and Thursday’s budget reveal will likely make things worse. And it’s worth a reminder that French long-end bonds have seen much greater losses than Treasuries over the past quarter.”

— Mark Cudmore, MLIV Executive Editor. Click here for the full analysis.

In other corners of the market, gold edged higher to trade around $4,185 an ounce, while silver advanced 1.4%.

US oil declined 1% to around $89.55 a barrel amid hopes a recovery in Middle East flows can be sustained. Brent crude for December delivery traded around $97 a barrel.

The yen underperformed all its Group-of-10 peers as the summary of opinions from the Bank of Japan’s last policy meeting disappointed investors looking for signs that policymakers may be looking to a quicker pace of tightening. Concerns over sticky inflation drove Japanese government bonds lower, with the benchmark 10-year yield up four basis points at 3.10%.

The New Zealand dollar dropped to the lowest since late November.

The Bloomberg Dollar Spot Index extended gains to a fourth day as elevated oil prices and a resilient US economy supported bets on Federal Reserve interest-rate hikes.

“The outlook for further US Fed policy tightening, elevated oil prices — given the US’ status as a ‘net energy exporter’ — and fragile risk sentiment may continue to support the dollar over the near-term,” Peter Dragicevich, Asia Pacific currency strategist at Corpay Inc., wrote in a note

Bonds remained in focus after global government debt posted its worst quarter since 2024 as oil near $100 a barrel revived concerns about persistent inflation. A weaker-than-estimated inflation reading in the US on Wednesday prompted money markets to cut the odds of an October interest-rate hike to less than 40%.

Global government bonds closed September 2.4% lower, with a Bloomberg index of the debt posting its worst quarterly loss since the three-month stretch at the end of 2024, when Donald Trump won a second term as US president and investors braced for a more expansionary fiscal policy.

“Bond markets are facing a triple whammy — big government spending, strong growth and geopolitical supply shocks,” said Jimmy Louca, senior portfolio manager at Australian Retirement Trust. “We’ve moved into a reflationary regime and the market has been slow to price it.”

Corporate Highlights:

Nidec Corp. shares plummeted as much as 20% in Tokyo after the Japanese motor maker’s auditor declined to give an opinion on its long-awaited financial statements. Apple Inc. plans to make its long-delayed push into the smart-home market on Oct. 13, marking a critical product expansion for the company under new Chief Executive Officer John Ternus. Some of the main moves in markets:

Stocks

S&P 500 futures rose 0.6% as of 6:51 a.m. London time Nasdaq 100 futures rose 1.2% The MSCI Asia Pacific Index rose 0.2% The MSCI Emerging Markets Index rose 0.4% Japan’s Topix rose 0.7% Australia’s S&P/ASX 200 fell 1.8% Euro Stoxx 50 futures fell 0.3% Currencies

The Bloomberg Dollar Spot Index rose 0.1% The euro was little changed at $1.1321 The Japanese yen fell 0.6% to 158.31 per dollar The offshore yuan was little changed at 6.7155 per dollar The British pound fell 0.1% to $1.3249 Cryptocurrencies

Bitcoin rose 0.8% to $84,256.17 Ether rose 1.3% to $2,716.23 Bonds

The yield on 10-year Treasuries declined one basis point to 5.27% Japan’s 10-year yield advanced five basis points to 3.100% Australia’s 10-year yield advanced four basis points to 5.39% Commodities

Spot gold rose 0.7% to $4,187.68 an ounce West Texas Intermediate crude fell 1.1% to $89.45 a barrel This story was produced with the assistance of Bloomberg Automation.

–With assistance from Ruth Carson, Momoka Yokoyama and Masaki Kondo.

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