Premarket: U.S. futures dip as Micron drags down chip stocks ahead of economic data

U.S. stock index futures dropped on Thursday, as Micron Technology slumped after an unimpressive current-quarter forecast and dragged down other chip stocks, while caution ahead of economic data and a presidential debate also dented sentiment.

hitting $2 trillion in market value for the first time. The retail giant’s shares edged lower on Thursday in lackluster trading for megacap tech stocks. At 5:27 a.m. ET, Dow e-minis were down 73 points, or 0.18%, S&P 500 e-minis were down 8.75 points, or 0.16%, and Nasdaq 100 e-minis were down 39.5 points, or 0.2%.

European stocks were struggling for direction in early trading on Thursday as traders waited for key inflation data, while markets were also on alert for signs of Japanese authorities intervening in the yen after further declines in the currency. The risk premium on French debt was near a seven-year high as markets worried about the risk of far-right or far-left parties winning the elections.

The dollar-yen pair was trading at 160.57, with the yen having strengthened slightly since the pair’s peak of 160.88 on Thursday.

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