U.S. stock futures are higher in premarket trading, with eyes on key PCE inflation data after another blowout Micron (MU) earnings report.

The moves higher come after a mixed session on Wednesday with weakness in tech. Micron shares are up 18% this morning after the memory chipmaker reported fiscal third-quarter results that topped analysts’ expectations and raised guidance. This has lifted the entire tech sector with Nasdaq futures up over 2% ahead of the opening bell.

Investors this morning will be watching the May Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation gauge. Analysts expect the headline index to rise 0.4% on a monthly basis and 4.1% on a yearly basis, larger than April’s rise of 3.8%. Excluding volatile food and energy prices, the consensus calls for the core PCE gaining 0.3% month-over-month and 3.4% year-over-year.

Snapshot (as of 7:30 AM ET)

• Oil (/CL) – Oil prices are down roughly -1.0% to under $70 per barrel
• Gold (/GC) – Gold futures are down -0.24% $3,999.20
• Bitcoin (/BTC) – The cryptocurrency futures are up 2.41% to near 61,280
• VIX – The CBOE Volatility Index is down 3% to 18.07
• U.S. Dollar (/$DXY) – The dollar index is up 0.10% to 101.707

Biggest Premarket Movers (as of 7:30 AM ET)

Advancers:

• Bio‑Techne Corp (TECH) 19.95%
• Micron Technology Inc (MU) 17.62%
• SanDisk Corp (SNDK) 15.70%
• Western Digital Corp (WDC) 12.56%
• Qualcomm Inc (QCOM) 10.33%

Decliners:

• Dollar Tree Inc (DLTR) -2.82%
• DaVita Inc (DVA) -2.66%
• Albemarle Corp (ALB) -2.60%
• Darden Restaurants Inc (DRI) -2.08%
• LyondellBasell Industries NV (LYB) -1.67%

Economic Data (ET)

8:30 AM: Personal Income/Outlays

8:30 AM: Durable Goods Orders

8:30 AM: GDP

8:30 AM: Jobless Claims

• Notable Earnings
• Premarket: AYI, BB, CMC, DRI, MKC, SNX, WGO
• Postmarket: AOUT, FDXF
• Premarket Friday: APOG
• Postmarket Friday: N/A

Upgrades/Downgrades

• Morgan Stanley upgrades Qualcomm (QCOM) to Equal Weight from Underweight
• Evercore ISI upgrades Canadian National Railway (CNI) to Outperform from In Line
• Barclays upgrades Keurig Dr Pepper (KDP) to Overweight from Equal Weight
• Morgan Stanley downgrades Affirm (AFRM) to Equal Weight from Overweight
• BofA downgrades PVH Corp. (PVH) to Underperform from Neutral
• Barclays downgrades Brown‑Forman (BF/B) to Equal Weight from Overweight,