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Futures edge lower as Micron drags chip stocks down ahead of data

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June 27 - U.S. stock index futures slipped on Thursday as a slump in Micron Technology after a lackluster forecast dragged down other semiconductor stocks, while caution ahead of economic data and a presidential debate also dented sentiment.

Micron weighed on other semiconductor stocks including AI-trade favorite Nvidia , opens new tab, which fell 1.6%. Arm Holdings , Qualcomm , opens new tab and Advanced Micro Devices , opens new tab were down between 0.2% and 0.7%. Focus now shifts to a slate of economic data including durable goods for May, weekly jobless claims and first-quarter PCE and GDP figures before markets open, ahead of Friday's release of the monthly personal consumption expenditures price index - the Federal Reserve's preferred inflation gauge.

Further, President Joe Biden and former President Donald Trump are set to face each other in the first debate during the day, ahead of their rematch this November.

 

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