Micron Earnings Announcement Helps To Lead Potential Rebound

Micron Earnings Announcement Helps To Lead Potential Rebound

S&P Index futures (/ES) were trading 1% higher in premarket trading as stocks look to rebound from Monday's selloff. The tech appears to be set to lead as the tech-heavy Nasdaq 100 NDAQ futures (/NQ) were up 1. 21% before the open which was being bolstered by semiconductor maker Micron (MU). Micron rallied 6. 38% in after-hours trading on Monday. The company announced that it topped Wall Street earnings estimates and increased expectations due to a 70% increase in data-center sales for its cloud enterprise products. Micron continued to climb in premarket trading reaching an increase of 8. 79%. In other tech news, Citrix (CTXS) was up nearly 9% in premarket, trading on news that Elliott Investment Management and Vista Equity Partners are considering a joint bid for the company. Consumer staples were the top performer in Monday's selloff but they're starting the day with some bad news. Cereal maker General Mills GIS (GIS) reported a miss on earnings estimates. The stock fell 1. 80% in premarket trading. General Mills saw operating profits fall by 13% due to inflation and supply chain issues. However, they did raise their sales outlook. General Mills isn't the only company still having supply chain