Stock Futures Rise on Micron Earnings; Brent Slips Back to Pre-Conflict Levels

U.S. stock futures climbed on Thursday after Micron Technology’s latest earnings beat revived enthusiasm around AI-linked chip demand, while Brent crude slipped back to levels last seen before the Iran conflict as tanker traffic through the Strait of Hormuz improved.

The move in futures extended a broader risk-on tone across global markets. Semiconductor shares in Europe gained, Asian equities were broadly firmer, and Japan’s Nikkei touched a record or near-record level as investors responded to the same mix of stronger AI sentiment and easing oil concerns.

Micron reignites the AI trade

Micron has become a closely watched indicator for AI demand because of its exposure to memory chips used in data centers and AI hardware. Its earnings beat, first reported late Wednesday, helped reassure investors that spending tied to artificial intelligence is still supporting the semiconductor cycle.

After the results, U.S. stock futures moved higher in early European trading. The rally came as traders reassessed whether the recent pullback in AI-related names had gone too far.

Market reports also pointed to stronger-than-expected revenue and earnings from Micron, with investors focusing on the company’s guidance and margins as evidence that demand remains resilient.

Oil eases as shipping improves

At the same time, Brent crude fell back toward pre-conflict levels. Reports put the benchmark around the low $70s a barrel, with one account citing about $73.10 and another noting a low near $72.24.

The decline was linked to more tankers moving through the Strait of Hormuz and a perception that supply fears may be easing. That has reduced one of the biggest geopolitical risk premiums in the market, at least for now.

A sustained improvement in Gulf shipping would matter for inflation-sensitive parts of the economy, especially transport-heavy sectors, while also giving traders another reason to expect less immediate pressure on prices.

What traders are watching next

Gold slipped below $4,000 an ounce as markets priced in a more hawkish Federal Reserve path, adding to the tone of caution around inflation and rates.

The next test for the market narrative is whether Micron’s post-earnings strength holds into the U.S. open and whether Brent stays near these lower levels if tanker flows remain stable.

Investors are also waiting for upcoming U.S. PCE inflation data, which will help determine whether the current move in stocks reflects a broader shift in sentiment or a one-day reaction to two powerful catalysts.