Nasdaq futures down 48.75 points (Il Sole 24 Ore Radiocor) - New York, 27 Jun - US futures were lower ahead of a flurry of economic data as investors kept an anxious eye on tech stocks after chip maker Micron Technology failed to meet lofty expectations.

Wall Street ended modestly higher yesterday in subdued trade with the main indexes not too far from the record highs they touched last week. The Dow was little changed while the S&P 500 was up 0.2% and the tech-heavy Nasdaq 0.5%.

Though Micron reported an 82% rise in third quarter sales to top market estimates, it gave a fourth-quarter outlook that only managed to meet median forecasts. Many investors had been hoping for more as the AI frenzy drives up expectations.

Micron shares were down almost 6% in premarket trade, undermining sentiment across the sector.

AI chip titan Nvidia was down 1.6% while Advanced Micro Devices was nearly 1% lower.

On the data front, investors today will be tracking a final reading of first-quarter economic growth and weekly unemployment claims ahead of key inflation figures tomorrow.

Stubborn inflation and a resilient labour market have prompted the Federal Reserve to put back moves to cut interest rates.

Comments this week from Fed Governor Michelle Bowman that rates would have to be kept steady "for some time" and were "for future years" darkened the mood.

On the stocks front, shares in Levi Strauss were down 15% premarket after the jeans maker disappointed on revenue while International Paper shares sank 12% after the Brazilian pulp and paper company Suzano dropped plans to buy it.

Nike is among companies due to report earnings later in the day.

Futures on the Dow Jones were down 76.00 points, or 0.19%, S&P 500 futures were down 10.50 points, or 0.19%, while futures on the Nasdaq were 48.75 points, or 0.24%, lower.

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(RADIOCOR) 27-06-24 13:56:26 (0398) 5 NNNN