US equity futures rose on Thursday, recovering some ground after a volatile prior session in which evidence of solid economic growth clashed with a forceful hawkish response from the Federal Reserve. Futures on all three major indexes were up about 0.3%, with Dow Jones contracts reaching a record high.
The technology sector showed sharp internal divergences over the week. Companies tied to AI infrastructure continued to build on recent gains, while growing optimism about AI automation tools raised concerns about potential displacement and weighed on some software-as-a-service providers.
Micron climbed 4% in pre-market trading after its CFO expressed confidence in ramping up production of its key HBM4 product. Within the same space, Equinix rallied 8% after topping its own guidance, whereas Cisco fell 4% on a weaker outlook. Elsewhere, McDonald’s edged higher following the release of its latest results.
Stronger-than-expected labor market data published yesterday bolstered the case made by more hawkish FOMC members, as investors now look ahead to tomorrow’s January CPI report for fresh insight into the other side of the Fed’s dual mandate: price stability.
