US Futures Mixed as Micron Outlook and Nike Results Take Focus: Dow Jones, S&P, Nasdaq, Wall Street

US stock futures were mixed on Thursday ahead of the first trading session of the fourth quarter, with investors assessing higher Treasury yields, Micron’s (NASDAQ:MU) latest outlook and upcoming economic data.

At 03:34 ET (07:34 GMT), Dow futures were down 219 points, or 0.4%, while S&P 500 futures gained 4 points, or 0.1%. Nasdaq 100 futures rose 161 points, or 0.5%.

The major US indices also recorded mixed performances in the previous session, with the S&P 500 and Dow Jones Industrial Average declining while the Nasdaq Composite advanced.

US Treasury yields moved higher despite August personal consumption expenditures inflation coming in below expectations. Attention is now turning to September employment data for further information on the US Federal Reserve’s interest-rate outlook.

During September, the S&P 500 declined 0.45% and the Dow fell 4.29%, while the Nasdaq gained 1.86%. The Nasdaq and S&P 500 recorded their second consecutive quarterly gains, while the Dow declined during the July-to-September period.

Micron Shares Rise Following Revenue Forecast

Micron shares moved higher in extended trading after the semiconductor manufacturer issued a quarterly revenue forecast above market expectations.

The company said customer commitments under long-term supply agreements had increased to $32 billion from $22 billion reported in June.

Demand for memory chips has increased alongside investment in data centres used for artificial intelligence applications. Micron supplies memory products to customers including Nvidia.

Micron shares have more than tripled since the beginning of the year, according to the supplied data.

Nike Results Due After Market Close

Nike (NYSE:NKE) shares were slightly lower in after-hours trading ahead of the company’s latest financial results.

The results will provide an update on the strategy being implemented under chief executive Elliott Hill, including a greater focus on sports such as football and running, relationships with wholesale partners and new product launches.

Nike has faced weaker sales and increased competition. Its shares have fallen more than 44% since the beginning of the year, according to the supplied data.

S&P Dow Jones removed Nike from the S&P 100 during September as part of its quarterly rebalancing, ending the company’s 18-year inclusion in the index.

US Manufacturing Data Awaited

Investors are also awaiting the Institute for Supply Management’s September manufacturing purchasing managers’ index.

The index is expected to rise to 54.8 from 54.6 in August. A reading above 50 indicates an expansion in manufacturing activity.

The ISM prices-paid index is forecast to increase to 72.9 from 71.1, which would indicate continued price pressures for manufacturers.

Tencent Reportedly Signs $7 Billion Oracle Chip Lease

Separately, the Financial Times reported that Tencent (NYSE:TME) had agreed a $7 billion, five-year lease with Oracle (NYSE:ORCL) providing access to around 100,000 advanced artificial intelligence chips.

Citing two people familiar with the matter, the report said the agreement covers multiple Oracle data centres in Southeast Asia and includes an upfront payment of around 30%.

According to the Financial Times, the transaction is Tencent’s largest overseas lease agreement and provides access to advanced chips that were unavailable in China.

Oracle shares moved higher in after-hours trading following the report.

Micron Technology stock price

Nike stock price

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Oracle stock price