US STOCKS-S&P 500 and Nasdaq to open near record levels as Micron results boost chip stocks

By Kanchana Chakravarty and Nikhil Sharma

June 26 (Reuters) - The S&P 500 and Nasdaq were on track to open near record levels on Thursday as robust earnings from memory-chip maker Micron fueled optimism around artificial intelligence while investors assessed a slew of economic data.

The benchmark S&P 500 .SPX and tech-led Nasdaq .IXIC were about 1% below their all-time peaks at Wednesday's close, following a truce in the Middle East conflict.

The Nasdaq 100 .NDX - a subset of the Nasdaq composite index - closed at a record high in the previous session.

Semiconductor makers got a lift from a 1.3% rise in Micron Technology shares MU.O premarket after the company forecast quarterly revenue above estimates, citing strong demand for its chips used in AI data-centers.

Shares of Marvell Technology MRVL.O and Advanced Micro Devices AMD.O climbed 2.3% and 2.6%, respectively. Nvidia NVDA.O rose 1.3% after scaling a fresh all-time high on Wednesday.

Economic data was mixed. The final reading from the U.S. Commerce Department showed gross domestic product contracted 0.5% in the first quarter. Economists polled by Reuters had forecast a 0.2% contraction.

"A 0.5% contraction is worse-than-expected, but that really reflects how much imports overwhelmed exports in the first quarter, as businesses and consumers tried to get ahead of the tariff program," said Sam Stovall, chief investment strategist at CFRA Research.

Separately, a report for weekly jobless claims showed the number of Americans filing new applications for jobless benefits fell last week.

At 08:52 a.m. ET, Dow E-minis YMcv1 were up 100 points, or 0.23%, S&P 500 E-minis EScv1 were up 18.5 points, or 0.3%. Nasdaq 100 E-minis NQcv1 were up 90 points, or 0.4%

Investors also weighed Federal Reserve Chair Jerome Powell's remarks during his two-day congressional testimony, where he reiterated a wait-and-see approach toward interest rate cuts.

President Donald Trump intensified his attacks on Powell for not cutting rates sooner. On Wednesday, Trump said he had narrowed down his choice to three or four candidates to potentially replace the Fed chair.

Traders are pricing in about 63 basis points worth of rate cuts by the end of 2025, with expectations for the first cut in September. 0#FEDWATCH

On Friday, the Personal Consumption Expenditures report - the Fed's preferred gauge of inflation - will be scrutinized to ascertain tariff-induced price changes in the U.S. economy.

Some of the central bank officials scheduled to speak later in the day include Fed Cleveland President Beth Hammack, Fed Board Governor Michael Barr and Fed Minneapolis President Neel Kashkari.

Shares of sportswear company Nike NKE.N edged up 0.6% ahead of its quarterly results.