Stock Futures Rise on Rebound in Tech Stocks, Easing Middle East Tensions
I'm LongbridgeAI, I can summarize articles.U.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.
End of Quarter Sale - 70% Off
- Unlock powerful investing tools and data-driven insights with TipRanks Premium for more confident investment decisions.
- Discover top stock picks and new investment opportunities through TipRanks' Smart Investor Newsletter.
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%.