Wall Street futures rise

Micron Technology surged 1.9% following reports that the memory-chip maker is set to receive over $6 billion in grants from the US Commerce Department for domestic chip factory projects.

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"Fundamentals will be supportive of chip stocks, but after such a strong rally, it's not unusual to see a bit of profit-taking," said Fiona Cincotta, senior market analyst at City Index.

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The rebound in chip stocks comes after a more than 3% drop in the Philadelphia Semiconductor Index. 

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Investors are closely watching for further comments from New York Fed President John Williams and Atlanta Fed President Raphael Bostic later in the day.

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