The US stock futures regained strength on Monday, 8 June, amid a sharp rebound in chip stocks, even as escalating tensions in the Middle East pushed oil prices and bond yields higher.
S&P 500 futures rose 0.6%, while Nasdaq 100 futures climbed 1.2%, signalling a pause in the recent technology-led sell-off. Futures tied to the Dow Jones Industrial Average also advanced 0.2%.
Today’s rebound came after Wall Street logged its worst intraday performance on Friday as the AI-led rally came to a halt and strong US jobs data reinforced expectations that the US Federal Reserve could raise interest rates rather than cut them in 2026.
Tensions in the Middle East escalated after Israel and Iran exchanged missile strikes on Monday despite President Donald Trump’s calls for both sides to stop fighting and give peace talks a chance.
The exchange marked one of the most serious tests of the ceasefire that took effect on 8 April to halt fighting involving the US, Israel, and Iran.
It also comes at a time when the US and Iran appear to be making little progress toward an interim agreement to end the conflict, even as Trump has repeatedly said that a deal is near. “Israel and Iran must immediately stop ‘shooting’,” Trump said in a social media post.
Meanwhile, Iran’s Fars news agency later reported that the country’s armed forces had ended military operations against Israel, though it warned that harsher attacks could follow if Israel resumed strikes on Lebanon.
In the crypto market, Bitcoin climbed 2.6% after falling below the $60,000 mark on Friday for the first time since Donald Trump won re-election in 2024.
Looking ahead, investors will closely track inflation data and the public debut of Elon Musk’s SpaceX on Friday.
Crude prices remain elevated
Amid escalating tensions in the Middle East, crude oil prices continued to move higher, with Brent crude surging nearly $5 per barrel to hit the day’s high of $98, bringing it within striking distance of the $100 mark. US crude futures also rebounded to around $95 per barrel.
However, prices cooled off from the day’s highs after Iran stated that it had ended its military operations against Israel.
The statement eased concerns that any fresh escalation in the conflict could derail negotiations between Tehran and the US aimed at extending the ceasefire and gradually restoring oil exports through the Persian Gulf.
The blockade of the Strait of Hormuz since the beginning of the conflict in late February has disrupted global energy flows, with the impact being felt across economies worldwide as rising inflation fuels expectations that central banks may tighten monetary policies.
US stocks in focus today
Marvell Technology shares climbed more than 8% in premarket trading after the chipmaker was set to join the benchmark S&P 500 at the end of June. Other major chip stocks such as Nvidia and Micron also jumped over 4% each.
Shares of US airline operators, including Southwest Airlines, United Airlines, and Delta Air Lines, fell over 1% each as the spike in oil prices raised concerns over higher fuel costs.
Meanwhile, Eli Lilly advanced 3.1% after the drugmaker’s trial results showed that its next-generation obesity drug, retatrutide, reduced sleep apnea severity in addition to boosting weight loss and helping relieve knee pain, Reuters reported.
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