Dow Futures Jump 315 Points as Tech and Intel Rally

Dow futures climbed 315 points as investors bought technology shares following a sharp sell-off prompted by the Federal Reserve’s tougher stance on inflation. S&P 500 futures rose 0.83% and Nasdaq 100 contracts advanced 1.32%, while Dow futures gained just over 0.6%. Traders positioned ahead of the Juneteenth market holiday, which is expected to thin activity into the long weekend.

Intel led premarket gains, rising about 9.3% after President Donald Trump stated that Apple would work with Intel to design and manufacture chips in the United States. The comment focused attention on U.S. efforts to rebuild semiconductor manufacturing and on Apple’s efforts to diversify its supply chain. Other chip-linked stocks saw selective buying.

Monetary policy remained central to market moves. The Federal Reserve held interest rates steady this week, while Chair Kevin Warsh emphasized the need to bring inflation under control and policymakers’ projections left open the possibility of higher rates later in the year. Traders raised the implied probability of a 25-basis-point rate increase in September to roughly 50% from about 27%, according to CME FedWatch data. Mark Haefele, chief investment officer at UBS Global Wealth Management, noted that the new Fed leadership, hawkish projections and a wide range of views raise the bar for near-term action.

Oil prices fell to more than three-month lows after the United States and Iran released the text of an interim agreement intended to extend a ceasefire and allow talks to a final deal. Lower crude can reduce inflation pressure and support household spending.

Economic data added nuance. May retail sales rose more than expected, driven by spending on autos and gasoline, indicating consumer activity is slowing only gradually. In premarket trading, Smith & Wesson climbed after reporting stronger quarterly sales and GameStop gained as traders rotated into high-beta retail names.

Market participants described the buying as selective and noted that positioning remained cautious as investors weighed resilient consumption against the risk of tighter policy heading into the long holiday weekend.