Stock market today: S&P 500, Nasdaq futures rally as China stimulus, chip stocks lift mood

US stock futures jumped on Thursday, setting the stage for fresh record highs as investors welcomed Micron's upbeat earnings and China's pledges of more stimulus while they waited to hear from Jerome Powell. Dow Jones Industrial Average futures rose 0.4%, while S&P 500 futures added 0.8% after both gauges slipped back from all-time highs at the close. Contracts on the tech-heavy Nasdaq 100 led the advance, surging 1.5% amid a sharp spike in Micron's shares.

Meanwhile, China's top leaders signaled they are pulling out the stops to revive its moribund economy with new pledges to lift fiscal spending, halt the property crisis and support the stock market. A big jump in mainland stocks set the CSI 300 on track for its best week in a decade. Helping the upbeat mood were growing expectations for another jumbo interest-rate cut from the Federal Reserve. Traders are pricing in 60% odds of a 0.5% move at its November meeting, versus 40% a week ago.

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