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Futures up: Dow 0.23%, S&P 500 0.3%, Nasdaq 0.4%

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Micron Technology ( MU ) rises on upbeat Q4 revenue outlook

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Nike ( NKE ) rises ahead of quarterly results

US economy contracts 0.5% in Q1

(Updates before markets open)

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 and tech-led Nasdaq

were about 1% below their all-time peaks at Wednesday's close,

following a truce in the Middle East conflict.

The Nasdaq 100 - 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 ( MU ) shares 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 ) and Advanced Micro

Devices ( AMD ) climbed 2.3% and 2.6%, respectively. Nvidia ( NVDA )

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 were up 100 points, or

0.23%, S&P 500 E-minis were up 18.5 points, or 0.3%.

Nasdaq 100 E-minis 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.

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 ) edged up 0.6%

ahead of its quarterly results.