Futures rise as chip stocks bounce back after sell-off

- Futures for the S&P 500 and the Nasdaq gained on Thursday as some chip stocks recouped losses after a sell-off, while investors awaited Federal Reserve policymakers' stance on interest-rate cuts in the face of resilient economic data.

The Philadelphia Semiconductor Index, which dropped over 3% on Wednesday, was down nearly 13% from the record high levels seen last month.Also easing some pressure off equities, Treasury yields fell slightly from the elevated levels seen earlier in the week, with the yield on the 10-year note last at 4.5772%.

Fed Governor Michelle Bowman, on the other hand, said progress on lowering U.S. inflation may have stalled. He said it remained an open question whether interest rates were high enough to ensure a return to the 2% inflation target. At 5:29 a.m. ET, Dow e-minis were up 4 points, or 0.01%, S&P 500 e-minis were up 3.5 points, or 0.07%, and Nasdaq 100 e-minis were up 26.5 points, or 0.15%.With the first-quarter reporting season hitting its stride, investors will watch for earnings from lenders KeyCorp, Comerica and homebuilder D.R. Horton before the opening bell.

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Stock market today: Wall Street extends its push into record highs, led by chipmakersNEW YORK (AP) — Stocks are extending their push to record highs in early trading on Wall Street, led by big gains in chipmakers. The S&P 500 was up 0.5% in the early going Thursday. The Dow Jones Industrial Average was up 177 points, or 0.5%.
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