Stock Futures Rise on Rebound in Tech Stocks, Easing Middle East Tensions
Complete. Here is the key summaryU.S. stock futures rose on Monday as tech stocks rebounded and tensions eased following a U.S.-Iran ceasefire agreement. Nasdaq, S&P 500, and Dow futures gained 1.19%, 0.86%, and 0.45% respectively. Oil prices held above $70 amid peace stability concerns. Notable pre-market movers included Rocket Lab and Iridium Communications following an acquisition deal, Comcast surging on a media spin-off announcement, and Charter Communications jumping on potential SpaceX mobile partnership news.
U.S. stock futures trended higher on Monday morning amid a rebound in technology stocks. Investors also monitored the U.S.-Iran ceasefire. The two countries agreed to halt hostilities and ensure the safe passage of commercial vessels through the Strait of Hormuz after a weekend marked by renewed military strikes and heightened tensions.
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Futures on the Nasdaq 100 (NDX), the S&P 500 Index (SPX), and the Dow Jones Industrial Average (DJIA) were up 1.19%, 0.86%, and 0.45%, respectively, at 8:30 a.m. EDT on June 29.
Oil prices remained above the $70 mark on Monday morning, as concerns over the stability of the peace agreement continue to keep markets on edge. At the time of writing, Brent crude (CM:BZ) was up 0.74% at $72.52 a barrel, while WTI crude (CM:CL) rose 1.17% to $70.03.
Wall Street is coming off a mixed week as investors rotated out of technology stocks and into other sectors. The S&P 500 and Nasdaq Composite fell nearly 2% and 4.6%, respectively. Nvidia (NVDA) and Alphabet (GOOGL) dropped more than 8% each, while SpaceX (SPCX) plunged over 17%. Meanwhile, the Dow Jones Industrial Average, which has less exposure to technology stocks, rose 0.6%.
In Monday's pre-market trading, Rocket Lab (RKLB) stock was up more than 10%, while Iridium Communications (IRDM) shares rallied more than 21% after Rocket Lab announced a deal to acquire Iridium. Also, Comcast (CMCSA) stock rallied more than 23% after the company announced that it would spin off its media portfolio, which comprises NBCUniversal and Sky. Charter Communications (CHTR) jumped more than 24% on news of a potential mobile phone partnership with SpaceX. Also, SPCX stock was up 2%.