BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - European stocks are seen opening mixed on Thursday as investors weigh strong guidance from Micron and Qualcomm against expectations of possible Federal Reserve interest-rate hikes this year.
Micron Technology posted record quarterly earnings and issued better-than-expected guidance, helping dispel investor concerns over stretched AI-fueled valuations in tech and chipmaking.
Qualcomm has shared a series of updates about its artificial intelligence roadmap after reporting strong earnings.
Meanwhile, inflation concerns persist despite oil prices extending their slide to levels seen before the Middle East conflict.
In an interview with CNBC on Wednesday, U.S. Treasury Secretary Scott Bessent applauded Fed Chair Kevin Warsh's plan to reduce forward rate guidance but said the Fed should keep an open mind about the inflationary effects of high energy prices caused by the Iran conflict.
Investors await U.S. PCE price index data for May along with a final reading on Q1 GDP and weekly jobless claims figures later in the day for additional clues on the outlook for rates and economic growth.
The PCE inflation report is likely to show core prices rose 0.3 percent in May, putting the annual rate at 3.4 percent.
The headline inflation rate is forecast at 0.5 percent sequentially and 4.1 percent year-over-year.
CME FedWatch tool indicates that markets are now pricing in at least one rate increase this year.
Asian markets were mixed, with technology stocks rallying in South Korea and Japan as robust earnings as well as bullish forecasts from Micron and Qualcomm helped ease concerns over AI demand, elevated valuations and the sustainability of the artificial-intelligence trade that has pushed global stocks to record highs.
The dollar index headed toward its sharpest monthly gain in almost a year while gold was little changed below $4,000 an ounce.
Oil prices extended their decline, with Brent crude futures falling nearly 2 percent below $73 a barrel - extending losses for a fourth consecutive session as tanker movement through the Strait of Hormuz picked up.
Overnight, U.S. stocks gave up early gains to end mixed as investors rotated out of high-flying technology and artificial intelligence stocks into other beaten-down sectors.
Traders also digested disappointing data that showed U.S. new home sales unexpectedly fell in May for the second straight month.
While the Dow rose 0.4 percent, the tech-heavy Nasdaq Composite shed 0.4 percent and the S&P 500 slid 0.1 percent on lingering inflation and rate hike concerns.
European stocks ended mixed on Wednesday after a cautious session amid signs of disagreements between Washinton and Tehran over a few key terms of their peace pact.
The pan-European STOXX 600 edged up by 0.1 percent. The German DAX fell 0.6 percent, dragged down by defense stocks.
The U.K.'s FTSE 100 added 0.3 percent and France's CAC 40 gained half a percent.
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