U.S. stock futures rose on Thursday, boosted by a blowout Micron Technology earnings report, as traders digested the release of a key inflation reading for May. S&P 500 futures and Nasdaq 100 futures climbed 0.8% and 2.4%, respectively. Futures tied to the Dow Jones Industrial Average were up 137 points, or 0.3%. Micron surged 18% after the chipmaker reported fiscal third-quarter results that topped analysts’ expectations. Fellow semiconductor stock Qualcomm gained 10% after raising guidance for its non-handset revenue in fiscal 2029. Other chip names, such as Sandisk, Western Digital, Lam Research, KLA, and Applied Materials, rose in sympathy. Chip stocks in Europe also posted gains in Thursday’s trading session, with ASMI, Be Semiconductor, and Soitec all rising sharply. Outside of equities, the dollar index—which measures the greenback against a basket of major currencies—was last little changed. It rose on Wednesday amid mounting bets on Federal Reserve rate hikes. May’s personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge — showed that the headline index rose 0.4% on the month, just below the 0.5% rise that economists polled by Dow Jones were expecting. The headline index also rose 4.1% on a yearly basis, in line with expectations. Excluding volatile food and energy prices, core PCE gained 0.3% month over month and 3.4% year over year. Both were also in line with what economists expected. While core inflation reached its highest level since October 2023, investors were relieved the numbers weren’t even higher in the wake of rising energy prices from the Middle East conflict. Treasury yields edged lower, with the yield on the benchmark 10-year U.S. Treasury note sliding more than 2 basis points to trade at 4.374%. Traders will also watch out for the final first-quarter gross domestic product reading and readings from May’s personal income and preliminary durable goods orders indexes, as well as initial jobless claims from the week ended June 20. Asia-Pacific markets closed broadly higher. South Korea’s Kospi led gains, jumping 5.42% to 8,930.30, while Japan’s Nikkei 225 rose 4.61% to 72,366.34. Australia’s benchmark S&P/ASX 200 was down 0.68% to 8,748.70. The Hong Kong Hang Seng Index declined 1.6% in the last hour of trade, while the mainland’s CSI 300 was up 1.56% to 5,020.1. Gains in chip stocks led equity markets higher in Europe in early trading, with the pan-European Stoxx 600 adding 0.61%. Oil prices erased wartime gains on Thursday as investors bet global crude supplies would improve after tankers that had been stranded in the Persian Gulf for months began leaving the Strait of Hormuz. International benchmark Brent crude futures for August fell 1.3% to $72.75 per barrel, hovering at levels last seen before the Middle East war broke out in late February. U.S. West Texas Intermediate futures for August dropped 1.1% to $69.60. More than 20 oil tankers carrying about 35 million barrels of crude have passed through the Strait of Hormuz since the U.S. and Iran reached an agreement to reopen the key shipping route, according to trade-tracking firm Kpler. Gold prices ​steadied on Thursday ​but lingered near a ​more than seven-month low touched in the previous session, as expectations of U.S. interest rate hikes weighed on the precious metal. Spot gold ⁠held ‌its ground at $3,999.33 per ounce. U.S. gold futures for August delivery edged 0.2% lower to $4,014.90/oz. Markets currently see a 66% chance that the U.S. Federal Reserve will hike rates in ‌September, CME FedWatch data showed.