Corrects the timing of GDP data release to 8:30 a.m. ET from 10 a.m. ET in paragraph 7
Futures up: Dow 0.21%, S&P 500 0.31%, Nasdaq 0.44%
June 26 (Reuters) - U.S. stock index futures rose on Thursday, signaling indexes were nearing their record peaks, as robust earnings from memory-chip maker Micron fueled optimism around artificial intelligence while investors awaited economic data.
The benchmark S&P 500 .SPX and tech-led Nasdaq .IXIC were nearly 1% below their record peaks at Wednesday's close, supported by the de-escalation in Middle East hostilities.
Chipmakers tracked a 2.7% premarket rise in Micron Technology shares MU.O after the company forecast quarterly revenue above estimates, citing growth in demand for its chips used in AI data centers.
Nvidia NVDA.O advanced 1.2% after scaling a fresh all-time high on Wednesday.
Following Federal Reserve Chair Jerome Powell's congressional testimony where he reiterated a wait-and-watch approach on interest rate cuts, reports suggested President Donald Trump could potentially announce a Fed Chair successor as early as September or October in a bid to undermine Powell.
The move could affect the central bank's independence at a time when policymakers are striving to balance the risk of slowing growth and higher inflation, as Trump's wide-ranging tariffs and geopolitical turmoil threaten to drive up prices in the short-term.
For the day, investors are focusing on the Commerce Department's final take on first-quarter GDP, as well as durable goods data for May and initial jobless claims data at 08:30 a.m. ET.
Traders are pricing in about 63 basis points of rate cuts by the end of 2025, with a 70% chance of a 25-bps rate cut in September, according to CME Group's FedWatch tool.
At 05:21 a.m. ET, Dow E-minis YMcv1 were up 93 points, or 0.21% and S&P 500 E-minis EScv1 were up 18.75 points, or 0.31%. Nasdaq 100 E-minis NQcv1 were up 99.25 points, or 0.44%
Shares of sportswear company Nike NKE.N edged up 0.8% ahead of its quarterly results due before the opening bell.
Some of the central bank officials scheduled to speak later in the day include Fed Chicago President Austan Goolsbee, Fed Richmond President Thomas Barkin, Fed Cleveland President Beth Hammack, Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari.
On Friday, the Personal Consumption Expenditures (PCE) report - the Fed's preferred gauge of inflation - will be scrutinized to ascertain tariff-induced price changes in the U.S. economy.
(Reporting by Kanchana Chakravarty in Bengaluru; Editing by Devika Syamnath)
((Kanchana.Chakravarty@thomsonreuters.com;))