Wall Street Set to Open Higher Amid AI Optimism and Strong Job Market Data

Wall Street's major indexes are poised to open higher, sparked by Micron Technology's optimistic revenue forecast, reviving AI-related market activity. Investors are also digesting job market data showing fewer-than-expected jobless claims and awaiting comments from Federal Reserve Chair Jerome Powell for economic cues.

Wall Street's main indexes are set to open higher on Thursday, driven by an optimistic revenue forecast from Micron Technology which reignited interest in artificial intelligence (AI) stocks. Investors are also analyzing a new labor market report and preparing for insights from Federal Reserve Chair Jerome Powell.

Micron Technology's stock surged 17% in premarket trading following an unexpectedly positive first-quarter revenue forecast, underscoring strong demand for memory chips used in AI computing. This buoyed other semiconductor stocks, with Nvidia, Advanced Micro Devices, and Broadcom experiencing gains.

Additionally, jobless claims for the week ended September 21 came in below estimates at 218,000, suggesting a strong labor market. Comments from multiple Federal Reserve officials, including Powell's, are anticipated to provide further economic outlook before markets open.

(With inputs from agencies.)