Chip Stocks Steady, Oil Slips as Wall Street Futures Rise
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Wall Street futures rose Monday premarket with Dow E-minis up 0.07%, S&P 500 E-minis up 0.45%, and Nasdaq 100 E-minis up 1.04%, as chip stocks stabilized
- Western Digital, Seagate, and Micron Technology jumped 5.5%, 4.4%, and 3.4% respectively in premarket trading, recovering after semis lost momentum the prior week
- Brent crude fell 0.5% to $71.76 a barrel — near four-month lows — after OPEC+ agreed to raise output targets, with Strait of Hormuz shipping continuing despite stalled U.S.-Iran peace talks
- The Dow closed at a record high Thursday during a holiday-shortened week, within reach of 53,000, while the S&P 500 and Nasdaq Composite each gained roughly 2%
- SK Hynix launched a U.S. listing Monday to raise approximately $28 billion, testing investor appetite for AI-linked companies
- Rate-hike bets eased after a cooler-than-expected June jobs report — traders now price a 24% chance of a 25-basis-point hike at the July 29 meeting, down from 30% a week earlier
- Fed minutes from the June meeting — the first under Chair Kevin Warsh — are due Wednesday and will be parsed for views on energy prices' inflationary impact
Why it matters: The rally is broadening beyond chips into healthcare, industrials, and financials, easing AI dependence as SK Hynix's $28 billion listing tests AI appetite. Fed minutes from Warsh's debut land Wednesday; with hike odds at 24% for July 29, policymakers' view on energy-driven inflation becomes the next catalyst.
