Intel shares jumped 8% in premarket trading after the chip giant smashed third-quarter profit estimates, adding to a wave of upbeat US earnings.
Peers rose too, with AMD and Micron Technology gaining 2.5% each.
Intel’s beat set the tone for a blockbuster week ahead, with five of the ‘Magnificent Seven’ tech titans – including Apple and Microsoft – on deck to report amid the ongoing AI gold rush.
Earlier this week, Tesla and Netflix reported lackluster results, which had left investors wanting more.
At 6.37am, Dow E-minis were up 57 points, or 0.12%, Nasdaq 100 E-minis were up 127 points, or 0.5%, and S&P 500 E-minis were up 20.5 points, or 0.3%.
Global markets found a moment of calm after the White House confirmed that US President Donald Trump will meet Chinese President Xi Jinping next week during his Asia tour.
The long-anticipated encounter between the two leaders comes amid simmering trade tensions that have kept investors on edge, with tit-for-tat tariffs and export restrictions rattling sentiment in recent weeks. News of the meeting offered a glimmer of hope for de-escalation.
Meanwhile, Trump terminated all trade talks with Canada yesterday after a Canadian political advertisement used the voice of the late president Ronald Reagan to criticise tariffs.
All three indexes closed in the green yesterday and the CBOE Volatility Index, Wall Street’s fear gauge, hit its lowest in over two weeks.
All eyes on core CPI
The spotlight will be on core consumer price figures due at 8.30am, expected to hold steady at 3.1%, and likely to be the only signal on inflation before the Federal Reserve’s (Fed) rate decision next week.
The US government shutdown, which entered its 24th day, has obscured most economic data, including the release of key indicators such as jobs data, a growing concern for Fed officials.
Investors have already priced in a 25-basis-point cut, with another rate reduction widely expected in December.
However, a surprise spike in core CPI, set to be released despite the government shutdown to enable Social Security’s cost-of-living adjustment, could shake the markets.
“Given this dovish-leaning committee and limited data alleviating concerns about a softening labour market, another rate cut next week appears to be a done deal,” said Deutsche Bank analysts in a note.
“However, the easing path beyond that remains less clear … this supports the cautious, balanced approach many officials have stressed, as the Fed navigates a data void amid a government shutdown and rising tension between its dual mandates.”
Among other early movers, Alphabet rose 1.4% after Anthropic said it will use tens of billions of dollars worth of Google’s AI chips to train its Claude chatbot.
Deckers Outdoor forecast full-year sales below Wall Street estimates, sending its shares down 11.5%.
Ford shares added 4.5% after the carmaker’s third-quarter profit beat expectations.