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U.S. stock index futures rose in evening deals on Wednesday, led by technology stocks after memory chip maker Micron reported strong earnings.

Overall gains were limited after Wall Street had a negative session, with attention turning to an upcoming address by Federal Reserve Chair Jerome Powell.

Nevertheless, U.S. stock benchmarks remained near record highs after significant gains following a notable interest rate cut by the Fed last week.

S&P 500 Futures rose 0.1% to 5,783.75 points, while Nasdaq 100 Futures increased by 0.3% to 20,243.25 points as of 19:21 ET (23:21 GMT). Dow Jones Futures fell 0.1% to 42,255.0 points.

Micron Surges on Strong AI-Fueled Earnings, Tech Follows

Shares of Micron Technology Inc (NASDAQ:MU) rallied over 14% in aftermarket trading, after the memory chipmaker outperformed expectations with quarterly earnings and provided a robust forecast for the current quarter, driven by strong demand linked to artificial intelligence.

As one of the largest memory chip manufacturers globally, Micron mentioned a significant benefit stemming from enhanced AI demand, which boosted sales of its high-bandwidth memory chips.

The gains in Micron spread to the wider technology sector, particularly chipmakers. AI leader NVIDIA Corporation (NASDAQ:NVDA) rose nearly 1%, with peers Applied Materials Inc (NASDAQ:AMAT) and Western Digital Corporation (NASDAQ:WDC) improving by 4% and 6.5%, respectively.

Powell Speech, PCE Data on Tap

This week, the focus is on further cues from the Federal Reserve after last week’s rate cut, with Chair Jerome Powell scheduled to speak on Thursday.

Several other Fed officials commented throughout the week, supporting last week’s 50 basis point cut while cautioning that future rate reductions may not be as substantial.

The PCE price index data, the Fed’s preferred inflation measure, is set to be released on Friday and is expected to influence the central bank’s rate strategies.

Wall Street indexes surged to record highs following the Fed’s rate cut, which signaled the start of an easing cycle that analysts predict could lower rates by at least 125 basis points.

However, growth has slowed in recent sessions amid uncertainty regarding the Fed’s next actions.

On Wednesday, the S&P 500 declined by 0.2% to 5,722.26 points, the NASDAQ Composite finished flat at 18,084.51 points, and the Dow Jones Industrial Average slid by 0.7% to 41,914.75 points.

Aramark Surges on Report of Sodexo Acquisition Interest

In other significant after-market movements, food catering company Aramark Holdings (NYSE:ARMK) rose over 10% to a three-year high following reports that French competitor Sodexo SA (EPA:EXHO) was considering a takeover.

In contrast, H B Fuller Company (NYSE:FUL) fell 9% after revising its annual guidance downward, while Concentrix Corp (NASDAQ:CNXC) dropped 11% due to disappointing quarterly earnings and outlook.