GoKawiilThis is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. The personal consumption expenditures price index — aka the Federal Reserve's favorite inflation gauge — is due out at 8:30 a.m. ET. The report is even more important following the Fed's interest rate decision last week. Stock futures are higher this morning. The S&P 500 posted a modestly negative session yesterday. Here are five key things investors need to know to start the trading day:
1. Playing the chips
The Micron Technology logo is displayed on a smartphone screen placed on a reflective surface onto which a stock market chart is projected, in Creteil, France, on May 27, 2026. Samuel Boivin | Nurphoto | Getty Images
Shares of Micron are up more than 17% before the bell following a much better-than-expected earnings report yesterday. The memory maker said its revenue more than quadrupled in the fiscal third quarter, easily beating analysts' estimates, and forecasted higher current-quarter profits than anticipated. Here's what to know: Micron also said that its gross margin rose to 84.9%. That's the highest percentage of any major U.S. tech company, topping Meta's 81.9% and Nvidia's 75%.
With its double-digit gain overnight, the stock is poised to open today's trading session at a new all-time high. Micron shares have been on a more than 700% run over the last 12 months.
Other chip names are rising in sympathy this morning following a Micron-led sell-off in the sector earlier this week. The tech-heavy Nasdaq Composite three straight down days.
three straight down days. Shares of fellow chipmaker Qualcomm nearly doubled its projected revenue from its non-handset division in the 2029 fiscal year.
nearly doubled its projected revenue from its non-handset division in the 2029 fiscal year. Follow live market updates here.
2. Change of plans
US President Donald Trump (C), alongside Senator Rick Scott (L), Republican from Florida, and Senator John Barrasso (R), Republican from Wyoming, speaks to the press after a lunch meeting with Senate Republicans at the US Capitol in Washington, DC, on June 24, 2026. Saul Loeb | AFP | Getty Images
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