Nasdaq futures jump 320 points ahead of jobs report

Nasdaq futures jumped about 320 points as Nasdaq-100 futures led gains after signs of U.S.-Iran de-escalation eased oil-risk fears. The rise came ahead of this week’s U.S. jobs report and the Federal Reserve’s rate outlook and was driven by strength in technology shares.

Dow Jones Industrial Average futures were up about 205 points, or 0.39%, while S&P 500 futures gained roughly 0.74%. Nasdaq-100 futures climbed about 1.08%, leading the premarket rebound after a difficult week for growth stocks. The Dow rose about 0.6% over the past week.

A U.S. official reported that Washington and Tehran would scale back hostilities and restart talks aimed at ending the war, raising hopes for an interim accord. Markets have been sensitive to developments in the Gulf because any renewed threat to the Strait of Hormuz can quickly push oil prices higher.

Technology shares drove the advance but remained under pressure from cost concerns tied to the AI spending surge and higher component prices. Semiconductor stocks and the largest growth names were hit in last week’s selloff as investors questioned whether AI spending will sustain earnings growth.

Apple’s shares fell 4.8% last week after the company raised prices on some iPad and MacBook models and warned that rising memory and storage chip costs are harder to absorb. Chipmakers reported stronger orders, while device makers and consumers are facing higher component costs.

Traders continue to price in at least one Federal Reserve rate increase this year. June’s employment figures, due later this week, are expected to influence that outlook. A stronger-than-expected payrolls report could increase the likelihood of tighter policy and affect growth stocks; a softer reading could reduce expectations for additional hikes.

In premarket trading SpaceX shares rose after Nasdaq confirmed the newly listed company will join the Nasdaq-100 on July 7. Inclusion in the index will require funds and ETFs that track the Nasdaq-100 to adjust holdings, which could create additional demand for the stock.

Ongoing pressures for markets include higher component costs tied to AI, margin stress at device makers and uncertainty about the Fed’s rate path. Traders monitored global developments and U.S. economic data for signals on the market’s next direction.