Wall St futures inch higher as chips extend gains

By Joel Jose , Sruthi Shankar and Twesha Dikshit

U.S. stock index futures rose on Tuesday, as chip stocks extended gains for a second day, while easing hostilities in the Middle East also aided sentiment.

Nasdaq futures led gains in early trading, with shares of chipmakers Marvell Technology, Broadcom and Micron Technology rising between 1.1% and 4.1% premarket, extending their rebound after Friday's sharp selloff.

Iran and Israel said on Monday that they had halted attacks on each other after an appeal from U.S. President Donald Trump, settling back into a tenuous ceasefire announced on April 8.

Oil prices fell more than 2%, erasing most of the previous session's gains, though caution lingered as diplomatic efforts have yet to yield a lasting peace agreement and the Strait of Hormuz remains shut. [O/R]

At 06:57 a.m. ET, Dow E-minis were up 138 points, or 0.27%, S&P 500 E-minis were up 34.5 points, or 0.47%, and Nasdaq 100 E-minis were up 224.75 points, or 0.76%.

Technology and AI stocks came under sharp selling pressure last week, after Broadcom's disappointing forecast fueled concerns about high valuations in the sector, particularly chipmakers that have rallied strongly this year.

"The long-term drivers behind the bull market - strong earnings growth, AI investment and resilient economic activity - remain intact," said Daniela Hathorn, senior market analyst at Capital.com.

"However, after a rally that pushed the Nasdaq more than 30% higher in just over two months, investors are becoming more sensitive to inflation, interest rates and geopolitical risks."

A stronger-than-expected jobs report on Friday also added to concerns that the Federal Reserve will raise interest rates this year.

Consumer prices data for May, due on Wednesday, will be closely watched for fresh clues on how the rise in energy prices due to the Iran war is impacting inflation.

SpaceX's $1.75 trillion market debut on Friday could also prove to be a hurdle for U.S. stocks as investors worry about possible overexuberance among high-growth technology stocks. Elon Musk's SpaceX is aiming to raise $75 billion, the most ever for an IPO.

ChatGPT maker OpenAI said on Monday it had confidentially filed for a U.S. initial public offering, joining rival Anthropic in a push toward public markets.

Applied Digital rose 11.5% after it signed a 15-year lease with a U.S.-based hyperscaler at its Delta Forge 2 site, which is expected to generate about $5.2 billion in revenue over the period.Shares of cancer drug developer Nuvalent surged almost 40% after GSK agreed to buy the company for $10.6 billion, in its largest deal in years, valuing Nuvalent at about $124 per share, a 40% premium to the stock's last closing price.

(Reporting by Joel Jose, Sruthi Shankar and Twesha Dikshit in Bengaluru; Editing by Shinjini Ganguli)

Copyright Reuters or USA Today Network via Reuters Connect.

This story was originally published June 9, 2026 at 7:07 AM.