US Futures Mixed as Micron Outlook and Nike Results Take Focus

US stock futures traded mixed on Thursday ahead of the first session of the fourth quarter, driven by investor reactions to Micron Technology's revenue forecast and upcoming economic indicators. At 03:34 ET, Dow Jones Industrial Average futures declined 219 points, or 0.4%, while S&P 500 futures rose 4 points, or 0.1%. Nasdaq 100 futures climbed 161 points, or 0.5%.

Micron shares advanced in extended trading after the semiconductor firm issued a quarterly revenue forecast that exceeded market expectations. The company stated that customer commitments under long-term supply agreements grew to $32 billion, up from $22 billion reported in June. Demand for memory chips has risen alongside data center investments for artificial intelligence applications, with Micron supplying products to customers including Nvidia. The stock has more than tripled since the start of the year.

Nike shares were slightly lower in after-hours trading ahead of its latest financial results. The report will detail the strategy under Chief Executive Elliott Hill, which emphasizes sports such as football and running, wholesale partner relationships, and new product launches. Nike has faced weaker sales and increased competition, with its shares falling more than 44% since the beginning of the year. S&P Dow Jones Indices removed Nike from the S&P 100 during September as part of a quarterly rebalancing, ending the company's 18-year inclusion in the index.

Investors are also monitoring rising US Treasury yields, which moved higher despite August personal consumption expenditures inflation coming in below expectations. Attention now turns to September employment data for further insight into the US Federal Reserve's interest-rate outlook. Additionally, the Institute for Supply Management's September manufacturing purchasing managers' index is expected to rise to 54.8 from 54.6 in August. A reading above 50 indicates expansion in manufacturing activity. The ISM prices-paid index is forecast to increase to 72.9 from 71.1, suggesting continued price pressures for manufacturers.

In related developments, the Financial Times reported that Tencent agreed to a $7 billion, five-year lease with Oracle providing access to approximately 100,000 advanced artificial intelligence chips. Citing two people familiar with the matter, the report stated the agreement covers multiple Oracle data centers in Southeast Asia and includes an upfront payment of around 30%. According to the publication, this deal is Tencent's biggest overseas rental contract and grants access to advanced processors that were not accessible within China. Oracle shares moved higher in after-hours trading following the report.