Nasdaq, S&P 500 Futures Jump As Micron, Qualcomm Reignite AI Rally, All Eyes On PCE Data: Why SPCX, BABA, BB, FRMI, WEN, ADTX Are In Focus

Retail sentiment remained split, with Stocktwits data showing SPY sentiment stuck in bearish territory while QQQ sentiment at bullish.

• Nasdaq looked set for its strongest opening in weeks.
• Micron’s blowout earnings and Qualcomm’s aggressive AI data center targets have reignited enthusiasm across semiconductor stocks.
• Markets are awaiting the Fed’s preferred inflation gauge (PCE), GDP revisions, jobless claims, and durable goods data for clues on the rate path.

U.S. stock futures rose early Thursday after a blockbuster earnings report from Micron Technology and bullish long-term targets from Qualcomm helped revive confidence in the artificial intelligence trade following a bruising selloff in technology stocks this week. 

As of 4:00 a.m. ET, Nasdaq futures surged 2.3%, S&P 500 futures gained 0.8%, Dow futures rose 0.1%, and Russell 2000 futures were up 0.4%.

On Stocktwits, retail sentiment for the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, has remained ‘bearish’, and the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq-100 Index, has stayed ‘bullish’.

The tech-led market bounce comes just ahead of a critical slate of economic data, including the Federal Reserve’s preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index, later today. 

Trending Stocks To Watch

Micron Technology (MU): Stock soared 18% in early premarket trade after America’s biggest memory chip maker reported stellar Q3 results. Executive commentary signals that AI-driven data center demand will trigger tight memory supply conditions well into calendar 2027 or 2028. Brokerages are bullish, after Bank of America, JPMorgan has more than doubled its MU price target to above $1,500.

Qualcomm (QCOM) stock gained 13% in early premarket trade after it disclosed a multi-generation deal to supply data center CPUs to Meta Platforms, as well as aggressive AI data center targets. Morgan Stanley has upgraded it to Equalweight with a price target of $231.

Alibaba (BABA) drew attention after reports that AI startup Anthropic accused the Chinese technology giant of improperly accessing its Claude AI model to harvest outputs. 

BlackBerry (BB): Gained 6% in early trade as retail traders predict "epic" fiscal first-quarter earnings powered by a 14% annual growth rate in its QNX automotive software business.

SpaceX (SPCX) stock continues to cool off. It has dropped over 30% from its recent peak as retail momentum slows down following its high-profile Nasdaq debut. 

Fermi (FRMI) stock rose 8% in early premarket trade after its co-founder, Tony Neugebauer, said in a letter to the shareholders that he had “a high degree of confidence” in a soon-to-be-announced tenant deal. 

Wendy's (WEN): Rallied 17% in early premarket trade on massive volume following a viral, now-deleted Reddit post that triggered a sudden retail buying frenzy in the previous session.

Aditxt (ADTX) has lost its Nasdaq listing after an appeal over compliance was overturned by a hearings panel, citing repeated failures to meet minimum bid price and stockholders’ equity requirements.

Other tickers trending on Stocktwits at the time of writing included Microsoft (MSFT), Ondas Inc (ONDS), Netflix Inc (NFLX), and Take-Two Interactive (TTWO).

Other Catalysts To Watch

On the economic front, investors will be tracking the release of the personal consumption expenditures price index (PCE), gross domestic product (third estimate), weekly jobless claims, and durable goods at 8:30 am ET.

On earnings radar, watch out for quarterly reports from Nano X Imaging (NNOX), Darden Restaurants Inc (DRI), Yiren Digital Ltd. (YRD), Winnebago Industries Inc. (WGO),  Cineverse Corp (CNVS), Exicure Inc (XCUR), Mexco Energy Corp (MXC), and Emerson Radio Corp (MSN), among others, today. 

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