Investors are positioned cautiously ahead of key U.S. inflation data due today.
- Micron remains in the spotlight on strong AI memory demand guidance
- Markets are looking for signs that inflation is trending toward the Fed's 2% goal.
- Retail sentiment on Stocktwits flipped bearish for major ETFs such as SPY and QQQ.
U.S. stock futures were trading slightly higher early Thursday, as investors turned cautious ahead of the release of key U.S. inflation data later in the day, following a volatile session for equities on Wednesday.
The primary driver for the early optimism is a blockbuster earnings report from Micron Technology (MU), which has single-handedly revived sentiment in the chip sector following yesterday’s ‘AI rout.’
As of 3:30 a.m. ET on Thursday, the Nasdaq 100 futures were up 0.5%, S&P 500 futures rose 0.3%, and the Russell 2000 futures were up 0.2%, while Dow futures were flat with a negative bias.
On Stocktwits, however, retail sentiment toward the SPDR S&P 500 ETF (SPY), an exchange-traded fund that tracks the S&P 500 Index, moved to ‘bearish’ from ‘bullish’ a day ago and that toward the Invesco QQQ Trust (QQQ) ETF, which tracks the Nasdaq 100 Index, moved to ‘bearish’ from ‘neutral’ on Wednesday, amid high message volumes.
Stocks On Trending Watchlist
Micron (MU) is trending at the top of the Stocktwits list following its earnings beat on both the top and bottom lines and, more importantly, a glowing outlook for HBM (High Bandwidth Memory) demand through 2026.
Oracle (ORCL) continues to drift lower as the market digests the fallout from the Blue Owl data center financing collapse, raising questions about the pace of ‘AI infrastructure’ spending.
Keep an eye on any follow-through impact on the AI plays, including AMD and AVGO.
Red Cat Holdings (RCAT) is trending on Stocktwits as a ‘drone play’ following reports of increased defense contract bidding for the 2026 fiscal year.
Processa Pharmaceuticals (PCSA) is on the retail radar after releasing preliminary Phase 2 data for its Next Generation Cancer (NGC) therapy. The data showed increased cancer-killing efficacy while reducing toxic side effects.
On the other hand, Insmed (INSM) took a beating after its Phase 2b ‘BiRCh’ study for brensocatib (treating chronic rhinosinusitis) failed to meet its primary and secondary endpoints. The company announced it will discontinue this specific program immediately.
And Paramount (PSKY) remains on the radar as the ‘streaming war’ between Warner Bros. Discovery (WBD) and Paramount Global (PG) turns hostile. WBD board unanimously rejected Paramount’s $108.4 billion all-cash bid, calling it "illusory" and "inferior" to the existing Netflix merger. Adding to the volatility, the stock trades ex-dividend today.
Some Nasdaq-listed names that will be in focus on the back of stock split and reverse split actions in trade today include ServiceNow (NOW), Momentus Inc (MNTS), Dragonfly Energy (DFLI), and Psychonyx (PAVS).
Key Catalysts To Watch Out For
On the economic front, investors will be watching for the U.S. Consumer Price Index (CPI) for November, which is due at 8:30 am. The market is still digesting Governor Waller’s recent comments that the Fed has "room to cut" but is in "no rush."
Noteworthy names on the earnings calendar include Accenture (ACN) in pre-market hours. Investors will be watching for commentary on enterprise AI consulting spend.
Nike (NKE) is on retail’s radar ahead of its high-stakes earnings report, along with FedEx (FDX).
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