US futures were pointing higher at the start of the week as investors return from the Juneteenth holiday weekend, with technology stocks expected to lead gains despite lingering uncertainty over the Middle East and the prospect of further Federal Reserve tightening.
Dow Jones futures were up 96 points, or 0.2%, while S&P 500 futures edged 0.1% higher and Nasdaq futures outperformed, rising 0.4%
The upbeat mood follows a mixed session in Asia. Japan’s Nikkei climbed 1.6% to another record close, while China’s Shanghai Composite gained 1.8%. South Korea’s Kospi rose 0.7%, with memory chip maker SK Hynix jumping to a fresh all-time high and overtaking Samsung Electronics (KRX:005930) as the country’s most valuable listed company.
Markets continue to digest developments in the Middle East after Iran said talks with the US had made “major progress”. Oil prices initially jumped after reports that Tehran had moved to close the Strait of Hormuz, only to retreat as optimism over negotiations returned. Brent remains well above levels seen at the start of the year.