Tech Stocks Fuel Rebound as Micron Jumps 10%: 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 0.7% and those on the S&P 500 added 0.4%. Micron Technology Inc. shares advanced about 10% in premarket trading after giving a revenue prediction that beat estimates. Europe’s Stoxx 600 index rose 0.2%, while Asian shares slid.

Among key events for financial markets Thursday are the release of US inflation data for November, along with monetary policy decisions from the European Central Bank and Bank of England.

The Nasdaq’s nearly 2% retreat on Wednesday came as investors questioned whether companies at the vanguard of the artificial-intelligence boom can keep justifying their expensive valuations and ambitious spending.

“Investors still see limited disclosure of AI-driven revenues, profits or cash flows,” said Frank Thormann, a fund manager at Schroders Investment Management. “The result is a growing concern that AI may not be delivering returns commensurate with the enthusiasm.”

The tech slide, combined with dovish comments from a Federal Reserve official, helped boost Treasuries. The yield on the 10-year was down two basis points at 4.14%.

Traders are now waiting for Thursday’s US inflation reading for pointers on the path for interest rates, though the data run the risk of being less reliable than usual due to government-shutdown disruptions.

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.

Policy Meetings

The ECB is forecast to keep interest 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. The BOE is expected to deliver a pre-Christmas rate cut as concerns shift away from inflation toward the struggling UK economy and jobs market.

Global oil benchmark Brent trimmed an earlier advance after President Donald Trump refrained from mentioning recent developments in Venezuela during a television address from the White House.

Corporate Highlights:

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 following a botched pivot toward renewables. 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. European satellite firm SES SA’s bonds plunged on Thursday after Moody’s Ratings cut its credit score into junk territory on the back of weaker results. Apple Inc. is making changes to its iOS software in Japan to comply with a new local law aimed at fostering competition, part of broader efforts by the iPhone maker to adapt to regulations around the world. Ford Motor Co. canceled a 9.6 trillion won ($6.5 billion) battery agreement with LG Energy Solution Ltd. after the US automaker rolled back its electric vehicle ambitions. Some of the main moves in markets:

Stocks

The Stoxx Europe 600 rose 0.2% as of 10:25 a.m. London time S&P 500 futures rose 0.4% Nasdaq 100 futures rose 0.7% Futures on the Dow Jones Industrial Average rose 0.1% The MSCI Asia Pacific Index fell 0.4% The MSCI Emerging Markets Index fell 0.2% Currencies

The Bloomberg Dollar Spot Index was little changed The euro fell 0.2% to $1.1722 The Japanese yen fell 0.2% to 155.96 per dollar The offshore yuan was little changed at 7.0342 per dollar The British pound fell 0.2% to $1.3347 Cryptocurrencies

Bitcoin rose 1.6% to $87,332.2 Ether rose 1.3% to $2,856.06 Bonds

The yield on 10-year Treasuries declined two basis points to 4.14% Germany’s 10-year yield declined one basis point to 2.85% Britain’s 10-year yield declined two basis points to 4.45% Commodities

Brent crude rose 0.2% to $59.78 a barrel Spot gold fell 0.3% to $4,324.41 an ounce This story was produced with the assistance of Bloomberg Automation.

–With assistance from Andre Janse van Vuuren.

©2025 Bloomberg L.P.