Finance

Following the closing bell, Micron Technology reported fiscal third-quarter results that significantly surpassed analyst expectations. The chipmaker's optimistic revenue guidance for the current quarter sparked a nearly 15% surge in its stock price, boosting Nasdaq 100 futures by approximately 2%.

Global oil prices plummeted to pre-war levels as West Texas Intermediate fell below $70 per barrel and Brent crude dropped nearly 4%. This decline, fueled by easing geopolitical tensions in the Middle East and improved supply through the Strait of Hormuz, has helped temper immediate fears of persistent inflation.

The yield on the 10-year U.S. Treasury note fell to roughly 4.4%, a six-week low, as declining energy costs eased the outlook for consumer prices. Market participants are now shifting their focus toward the release of the Personal Consumption Expenditures price index to gauge the Federal Reserve's likely interest rate path.