Nasdaq futures jump as chip stocks rally; oil eases

Nasdaq futures jumped about 190 points in premarket trading on Thursday as semiconductor stocks led gains. S&P 500 futures rose 0.2%, Dow futures fell 0.10% and Nasdaq 100 futures gained 0.61% following a mixed session on Wednesday.

Oil eased roughly 1% from two-week highs reached earlier in the week after former President Donald Trump declared the interim Iran ceasefire “over,” a comment that briefly lifted Brent and West Texas Intermediate on concerns about shipping through the Strait of Hormuz. UBS Global Wealth Management strategists wrote that the path to a lasting agreement looks uneven and occasional flare-ups are likely, though both sides have incentives to keep Hormuz open.

Minutes from the Federal Reserve’s June meeting showed a minority of policymakers saw a case for raising borrowing costs, leaving the possibility of higher rates on the table. Market pricing via LSEG data reflects at least one rate increase by year-end.

Weekly initial jobless claims are due at 8:30 a.m. ET and New York Fed President John Williams is scheduled to speak later in the day. The labor data will provide another look at labor-market conditions and could affect trading if the figures differ materially from expectations.

Semiconductor stocks powered the premarket rebound after two sessions of heavy selling. Micron rose about 3.5% in premarket trading, while AMD and Intel gained more than 2.5% as investors returned to AI hardware exposure. Analysts maintained bullish views, with Bank of America reiterating a Buy on Micron, UBS raising DRAM price forecasts, Goldman lifting its AMD target and HSBC doubling its Intel target.

Trading sentiment was calmer than Wednesday’s selloff but not complacent. Market participants continued to monitor energy routes, Federal Reserve signals and the upcoming labor-market read for signs that geopolitical shocks or higher energy costs could influence interest-rate outlooks.