U.S. futures inch lower, Micron forecasts wider loss - what's moving markets

investing.com:

Investing.com -- U.S. stock futures hint at a lower open, as the main indices on Wall Street are on track to post their worst month of 2023. Meanwhile, Micron Technology (NASDAQ:MU) shares fall steeply in premarket trading after the U.S. chipmaker announced a wider-than-expected first-quarter loss forecast, and Facebook-owner Meta Platforms (NASDAQ:META) unveils a host of new artificial intelligence-powered products.

1. Futures edge lower

U.S. stock futures pointed slightly lower on Thursday, with equities on pace to slump to their worst month of the year as investors fretted over the prospect of interest rates remaining higher for a longer period of time.

At 05:06 ET (09:06 GMT), S&P 500 futures were mostly unchanged, while Dow futures shed 33 points or 0.1% and Nasdaq 100 futures lost 20 points or 0.1%.

In a mixed session on Wall Street, the benchmark S&P 500 inched marginally higher and the tech-heavy Nasdaq Composite climbed by 0.2%, while 30-stock Dow Jones Industrial Average was the laggard, dipping by 0.2%. With mere days left in both September and the latest quarter, all of the main indices are on track to slump to monthly declines, while the S&P 500 in particular is on course for its first three-month loss in a year.

Weighing on stocks has been a jump in the U.S. 10-year Treasury yield, which touched a level not seen since 2007 on Wednesday. Yields typically rise as prices decrease.

While the S&P 500 has still risen by 11% so far this year, much of these gains have been linked to a surge in technology stocks earlier in the year that was fueled by enthusiasm over artificial intelligence. While AI remains a hot topic, a hawkish Federal Reserve policy update last week has driven many traders to predict that