Micron outlook disappoints, Levi Strauss sales miss - what's moving markets

Investing.com -- U.S. stock futures pointed lower on Thursday, as traders awaited an upcoming presidential debate as well as crucial inflation data later in the week. Micron shares plummet in extended hours trading after the chipmaker's current-quarter outlook fails to meet soaring expectations. Meanwhile, Levi Strauss's second-quarter sales miss estimates, sending shares in the denim maker down after-hours.U.S.

Analysts flagged that they were looking for stronger guidance from the company, which makes high-bandwidth memory chips regarded as potential candidates for training the large language models that undergird AI applications. Micron has been a major beneficiary of the recent AI craze, with its shares more than doubling in value over the past one-year period.

However, the firm reiterated its annual financial outlook and announced an 8% dividend increase to $0.13 cents per share, marking the first rise in six quarters.Age is expected to be a central theme in Thursday's debate between incumbent U.S. President Joe Biden and former President Donald Trump. More concerning was a 2.7 million barrel build in gasoline inventories, which indicated that fuel consumption remained weak even with the onset of the travel-heavy summer season.

Source: Financial Digest (financialdigest.net)

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