The S&P 500 futures are showing a positive trend this morning, attempting to recover from a challenging September where the Dow Jones Industrial Average dropped over 4%, ending a five-month winning streak. The S&P 500 faced its third losing month in four, although it managed to close the third quarter positively.
Notably, the Nasdaq Composite outperformed, driven by a significant rally in Meta's stock. Treasury yields are also on the rise, with the 10-year yield reaching its highest level since 2002.
In corporate news, Micron reported an impressive fiscal fourth quarter, with an 11-fold increase in data center revenue, although its shares dipped slightly in premarket trading after a remarkable 500% increase over the past year. Meanwhile, Minneapolis Fed President Neel Kashkari emphasized ongoing inflation concerns despite a softer PCE price index, indicating that inflation remains around 3%.
In technology, Alphabet has begun rolling out its advanced AI model, Gemini 4 Argon, which is expected to enhance its competitive edge in AI and cybersecurity. Lastly, Eli Lilly announced promising results from a mid-stage trial of its obesity treatment regimen, which could provide new options for patients struggling with weight loss.
These developments highlight the mixed market sentiment and potential opportunities for investors