Stocks are up more than +0.8% in premarket trading after the Fed's preferred inflation gauge and a strong earnings report from Micron (MU) gave investors two reasons to feel good heading into the session. May core PCE, which strips out food and energy, rose +0.3% MoM, matching consensus, and was up +3.4% YoY, also in line with expectations. The broader PCE index, including food and energy, matched forecasts as well, rising +0.4% MoM and +4.1% YoY.
Micron Surges on HBM Market Outlook
Micron Technology (MU) is up +18% in premarket trading after management pulled forward its HBM total addressable market forecast, now projecting the segment to easily cross $100B in 2027, one year ahead of prior estimates. MU disclosed 16 binding strategic customer agreements totaling $22B+ that "cannot be canceled," underscoring the durability of AI-driven memory demand. The company raised fiscal 2026 CapEx to ~$27B with plans for substantially higher spending in fiscal 2027, while designating share repurchases as its primary capital return mechanism.
Wendy's Caught in Meme Squeeze
The Wendy's Company (WEN) is up +17% in premarket trading today, extending yesterday's +26% surge on elevated retail volume. Analysts flagged the setup as a textbook short squeeze: short interest at 26.4% of float, a beaten-down consumer name, and strong social media momentum around a retail narrative of "saving Wendy's." Yesterday's retail buying ranked as the second-largest single-day purchase of WEN in the stock's history, trailing only a June 2021 Reddit-driven frenzy. Activist investor Nelson Peltz's Trian Fund Management holds more than 14M shares.
White House Presses Defense on Munitions Output
The Trump administration convened a meeting with major defense contractors to accelerate munitions production after Iran operations and allied resupply efforts depleted critical weapons inventories. Lockheed Martin (LMT) has a framework deal for expanded Patriot and THAAD interceptor output, while RTX (RTX) is expected to boost production of Tomahawk cruise missiles and AMRAAM air-to-air missiles, though both require formal contracts before companies can fully commit capital. The Senate Armed Services Committee has cleared a defense bill authorizing $1.15T in spending, with supplemental funding potentially moving sooner.
Starbucks Launches Coffeehouse Coach Hiring
Starbucks (SBUX) is rolling out its coffeehouse coach program nationally after a successful 62-location pilot, targeting 300+ hires in the next month and thousands more by year-end. The role is a full-time in-store leadership position, essentially a rebranded assistant manager focused on people development and store execution. More than 90% of pilot roles were filled via internal promotion, and locations with coaches showed improved performance across dayparts, supporting SBUX's goal of doubling coffeehouse leadership in most U.S. locations next year.
