Reddit starts trading today after pricing its initial public offering (IPO) at $34 per share, while Astera Labs (ALAB) keeps rising after its debut Wednesday; Micron Technology (MU) shares are soaring as AI-driven demand drives a surprisingly bullish outlook from the memory-chip maker; Nike (NKE) is set to issue an update on its cost-cutting plan and is expected to report a decline in quarterly earnings after the bell; FedEx (FDX) is also set report results after the market closes, with a decline in revenue seen as likely; and Apple stock (AAPL) is falling on a report that the Justice Department is poised to sue the iPhone maker for violating antitrust laws.  Stock futures are rallying after hitting record highs Wednesday as Fed officials maintained their previous projection of three rate cuts this year, while Switzerland becomes the first major economy to cut rates. Here’s what investors need to know today.

1. Reddit to Start Trading, IPO Priced at $34 Per Share; Astera Still Surging

Reddit priced its initial public offering (IPO) at $34 per share Wednesday evening, at the top of its price range, and is set to begin trading today. Shares of the social media company, valued at around $6.4 billion at the IPO price, will begin trading on the New York Stock Exchange (NYSE) under the "RDDT" ticker. Meanwhile, Astera Labs (ALAB), the latest technology firm to benefit from the artificial intelligence (AI) boom, is up 7% in premicmarket trading after jumping 72% on its debut Wednesday.

2. Micron Soars on Surprisingly Strong AI-Fueled Outlook 

Micron Technology (MU) shares are up 17% in premarket trading after the memory-and-storage chip maker reported quarterly results that sailed past Wall Street’s expectations and issued a better-than-expected outlook on the back of AI-driven demand. The Boise, Idaho-based company projected current-quarter midpoint adjusted earnings of 45 cents per share on revenue of $6.6 billion, plus or minus $200 million. Both metrics far surpassed the Street expectation.

3. Nike to Post Earnings, With Cost-Cutting Progress in Focus

Nike (NKE) reports third-quarter fiscal 2024 results after the closing bell today, with analysts expecting lower earnings amid weakened demand.  Analysts expect the apparel giant to post $12.28 billion in revenue and diluted earnings per share (EPS) of 73 cents. In the year-ago period, Nike posted $12.39 billion in revenue and a profit of 79 cents per share. Investors will also be watching for progress the company has made in its restructuring since it announced a $2 billion cost-cutting program in December.

4. FedEx Expected to Report Sales Slump

FedEx (FDX) is expected by analysts to post lower fiscal third-quarter sales when it releases results after the closing bell, as the package-delivery giant struggles with weakened demand since the pandemic. For the third quarter, analysts expect FedEx to post revenue of $22.02 billion, down from the previous quarter and the prior year; a forecasted diluted EPS of $3.50 is, however, up from the level the same period the previous year. FedEx announced a plan in April 2023 to restructure and cut about $4 billion in costs by 2025.  

5. Apple Falls on Report DOJ Plans to Sue iPhone Maker for Antitrust Violations

Apple (AAPL) shares were down 1% in premarket trading following a report that the Justice Department is poised to sue the tech firm as soon as today, accusing the company of violating antitrust laws by blocking rivals from accessing hardware and software features of its iPhone. The suit is expected to be filed in federal court, according to Bloomberg, and escalates the Biden administration’s antitrust fights against American tech giants. The Justice Department is already suing  Google parent Alphabet (GOOGL) on claims that the search engine is an unlawful monopoly, while the Federal Trade Commission is pursuing antitrust cases against Meta Platforms Inc. (META) and e-commerce giant Amazon (AMZN).