Dow futures rise as chip stocks recover, Iran talks ease oil

Dow Jones Industrial Average futures jumped 378 points in premarket trading, while S&P 500 futures gained about 0.72% and Nasdaq 100 futures advanced roughly 1.2%. The moves followed a steep selloff in the prior session that left parts of the technology sector in correction territory.

Semiconductor names led the rebound in early trading. NVIDIA, Intel and Micron Technology rose between about 1.2% and 4.7%, helping lift Nasdaq futures. Market participants bought technology shares that had fallen the previous day, and trading showed renewed interest in companies tied to artificial intelligence and chip manufacturing.

Reports that Washington and Tehran were exchanging details on a memorandum after a prior political understanding coincided with a pullback in crude oil prices. Three Iranian sources and a European official indicated talks were continuing on outstanding issues and that discussions about reopening the Strait of Hormuz remained on track. Oil futures declined following the reports.

Investors are monitoring US economic releases scheduled for 8:30 a.m. ET, including the Producer Price Index and weekly jobless claims. A consumer inflation report released the previous day showed prices rose at the fastest pace in three years in May, with higher energy costs cited as a contributing factor.

Among individual stocks, Oracle shares fell about 7% after the company projected fiscal 2027 capital spending above analysts’ estimates. Navan, the corporate travel booking company, rose roughly 17.6% after it raised full-year revenue and operating income forecasts, citing stronger business travel demand and enterprise customer growth.

Major US indexes dropped more than 1% in the prior trading session, and the S&P 500 remains about 4% below its record closing high set in early June. Market participants said they will watch whether the chip-led rebound holds through the trading day and how the incoming economic data affect expectations for inflation and central bank policy.

Market attention is also focused on an expected public debut of SpaceX later this week. The company is slated to list with an implied valuation near $1.75 trillion, and the offering will be observed for signals about demand for highly valued growth companies.