U.S. Futures Steady as Chips Recover; Oil Jumps Above $95

U.S. stock futures were steady on Monday as S&P 500 futures rose about 0.40% and Nasdaq 100 futures gained roughly 0.75%; Dow futures slipped 18 points. Nvidia, Broadcom and Micron were up between about 1.5% and 3.9% in early trading.

Friday’s selloff erased roughly $1 trillion in market value from U.S.-listed semiconductor companies after weaker-than-expected results from Broadcom and concerns that high expectations for artificial intelligence had pushed valuations higher than some investors expected.

A stronger-than-expected May payrolls report on Friday revived the prospect of additional Federal Reserve tightening. Interest-rate futures implied about a 42% chance of a 25 basis-point hike by December.

Crude oil rose more than 4% to trade above $95 a barrel after reports of renewed Israeli strikes on Iran and fresh attacks in Lebanon. Energy prices increased and airline shares moved lower in premarket trading, with Southwest Airlines and Delta Air Lines each down about 2.4%.

Marvell Technology climbed about 6.6% after the company was announced as joining the S&P 500 on June 22, a change that can prompt purchases by index-tracking funds. Eli Lilly rose about 4.1% after trial data showed its experimental obesity drug retatrutide reduced sleep apnea severity alongside weight loss and improvements in knee pain.

Traders adjusted positions amid higher oil prices, recent earnings surprises and stronger labor-market data, and those developments influenced trading in technology and growth stocks during the session.