Pre-Market Update: Stock Futures Jump as Tech Stocks Lead Rally and Oil Prices Fall

TLDR

• Nasdaq 100 futures rose 1.1%, S&P 500 futures up 0.5%, Dow futures slipped slightly
• Tech stocks are leading gains after late-June chip stock slump eased
• Foxconn reported stronger-than-expected quarterly sales, signaling sustained AI demand
• OPEC+ agreed to raise output by 188,000 barrels per day in August, pushing oil prices lower
• Fed minutes from Kevin Warsh’s first meeting as chair due Wednesday

US stock futures pointed higher Monday morning, with tech stocks doing most of the heavy lifting. Nasdaq 100 futures gained 1.1%, while S&P 500 futures added 0.5%. Dow Jones futures slipped slightly, down about 28 points.

The Dow closed Thursday at an all-time high — its 20th record close of 2026. All three major indexes ended the holiday-shortened week in positive territory.

Tech and AI Demand Back in Focus

Chip stocks are back in the spotlight after a rough stretch. The Invesco PHLX Semiconductor ETF has dropped 11.4% so far in July, but Monday’s futures suggest some recovery may be underway.

Foxconn, a key supplier to Nvidia, reported quarterly sales that beat expectations on Sunday. Investors took that as a sign that AI-driven hardware demand remains strong.

Samsung Electronics is set to report earnings on Tuesday. Analysts expect the world’s largest memory chip maker to post an 18-fold jump in profit compared to the same period last year.

South Korea’s SK Hynix, the second-largest memory chip maker globally, is planning to raise more than $29 billion through American depositary receipts on the Nasdaq this week.

JPMorgan strategists raised their S&P 500 target, citing the AI supercycle as a driver. They warned, however, that the path higher will not be a straight line.

Fed Minutes and Rate Hike Concerns

Investors are watching for Wednesday’s release of minutes from the Federal Reserve’s June meeting. It was the first meeting chaired by Kevin Warsh, who took over from Jerome Powell in late May.

Warsh has repeated the Fed’s 2% inflation target. Wall Street read that as a hawkish signal.

ING analyst Chris Turner wrote that “the core message should be a hawkish one,” and said some Fed members may see the next move as a rate hike.

The 10-year Treasury yield stood at 4.461% early Monday, edging down slightly from last week.

A weak June jobs report has also shifted rate expectations. Monday’s US services data could offer more clues on the economy’s direction.

Oil Prices Ease After OPEC+ Decision

Oil prices fell after OPEC+ agreed to raise production by roughly 188,000 barrels per day in August. Saudi Arabia is among the participating countries.

West Texas Intermediate futures were trading below $69 a barrel early Monday.

The Strait of Hormuz, a key oil shipping route, has also reopened. That has reduced some of the inflation concerns tied to energy supply disruptions.

Lower oil prices ease pressure on the Fed and reduce one source of potential inflation.

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