US stock futures rise as tech follows Micron’s rise; Powell speech expected by Investing.com

Investing.com– U.S. stock index futures were higher in late trading on Wednesday, as technology shares rose on the back of memory chipmaker Micron after it posted strong gains.

Overall gains were limited after Wall Street posted a negative session, focusing on an upcoming address by Federal Reserve Chairman Jerome Powell.

Still, U.S. stock benchmarks remained on target for record highs after posting strong gains following the Fed’s sharp interest rate cut last week.

was up 0.1 percent at 5,783.75 points, while it was up 0.3 percent at 20,243.25 points by 19:21 ET (23:21 GMT). decreased by 0.1% to 42,255.0 points.

Micron Grows Strong Gains Fueled by AI, Technology Follows

Shares of Micron Technology Inc (NASDAQ: .

The firm is one of the world’s largest makers of memory chips and said it is benefiting greatly from robust AI demand, which has boosted sales of high-bandwidth memory chips.

Gains in Micron spilled over into broader tech stocks, particularly chipmakers. AI darling NVIDIA Corporation (NASDAQ: ) rose nearly 1%, while peers Applied Materials Inc (NASDAQ: ) and Western Digital Corporation (NASDAQ: ) rose 4% and 6.5%, respectively.

Powell speech, PCE data on tap

This week he focused directly on more indications from the Fed after last week’s rate cut, due to speak on Thursday.

Several other Fed officials spoke during the week, mostly in support of last week’s 50 basis point rate cut. But they also warned that rates may not fall as sharply in future meetings.

data – the Fed’s preferred gauge of inflation – is due on Friday and is likely to factor into the central bank’s rate plans.

Wall Street indexes rose to record highs after the Fed cut interest rates and signaled the start of an easing cycle that analysts expect will cut rates by at least 125 basis points.

But gains have slowed in recent sessions amid uncertainty about the Fed’s next move.

On Wednesday, it fell 0.2% to 5,722.26 points. It ended flat at 18,084.51 points, while it fell 0.7% to 41,914.75 points.

Aramark rises to report of Sodexo acquisition interest

Among the most important exchange market operators, the food catering company Aramark Holdings (NYSE: ) rose more than 10% to a more than three-year high after a report that French rival Sodexo SA (EPA: ) was considering a takeover.

HB Fuller Company (NYSE: ) fell 9% after cutting its full-year guidance, while Concentric Corp (NASDAQ: ) fell 11% on weak quarterly earnings and guidance.