Chip Stocks Lead Wall Street Futures Higher
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- Semiconductor stocks led premarket gains, with the iShares Semiconductor ETF (SOXX.O) up 3.8%, recovering after the Philadelphia SE Semiconductor Index closed Friday more than 20% below its late-June record — a confirmed bear market — though it remains up roughly 66% year-to-date.
- U.S. stock index futures climbed in early trading, with Dow E-minis up 0.36%, S&P 500 E-minis up 0.57%, and Nasdaq 100 E-minis up 1.44%, reversing three straight sessions of losses.
- Brent crude pulled back from a one-month high on reports that Iran received a mediator's proposal for a 10-day ceasefire, even as Yemen's Iran-aligned Houthis announced a naval blockade on Saudi Arabia — widening the nearly five-month-old war.
- Nvidia disclosed a 9.3% passive stake in AI cloud firm Nebius, sending Nebius (NBIS.O) up 7.7% premarket.
- Investor focus this week turns to Q2 results from Alphabet and Intel, which Reuters flags as pivotal for determining whether the AI trade has further room to run against elevated profit expectations.
- President Trump unveiled 50% tariffs on a wide range of Canadian imports on Monday, opening a new front in the global trade war in response to Canada's treatment of American-made cars, alcohol, and dairy.
- UBS Global Wealth Management CIO Mark Haefele said limited pass-through to core inflation from shipping disruption should keep central banks from tightening aggressively, keeping earnings growth the key equity driver.
Why it matters: A 3.8% rebound in the chip ETF offers the first real relief to a sector that has shed 20%+ from its June peak, but the bounce hinges on a fragile 10-day ceasefire proposal and Alphabet/Intel earnings this week — if either disappoints, the bear-market tag sticks. Meanwhile, Trump's 50% Canada tariffs add a fresh trade-war variable on top of an already war-driven oil shock.
