S&P 500 futures gain 0.5% as investors bet on a Hormuz resolution and AI-driven semiconductor strength ahead of market open.
US equity futures extended gains in premarket trading, with the S&P 500 up 40 points or 0.5% and the Nasdaq rising 258 points. Optimism stemmed from reports of a potential deal to ease tensions in the Hormuz Strait, following comments from Trump suggesting a resolution within days. Saudi Arabia circulated a draft agreement, preliminarily accepted by the US, briefly lifting stocks and the euro.
Chip and AI stocks continued to drive volatility, reversing earlier gains yesterday. Marvell, a key benchmark, rose 3.8% premarket after a turbulent session, needing to surpass $305 to sustain momentum. Other premarket movers remained subdued, leaving focus on these two narratives ahead of the open.
Volume indicators suggest cautious positioning, with traders awaiting confirmation of the Hormuz deal and further direction in semiconductor stocks.