Stock futures opened the week on a mostly positive note following a decline in major indexes on Friday, despite a spike in oil prices due to escalating tensions between Iran and Israel. Futures for the Nasdaq 100 and S&P 500 indicated an increase of 0.6% and 0.3%, respectively, whereas futures for the Dow Jones Industrial Average showed a decline of 0.2%. On Friday, the tech-heavy Nasdaq Composite, benchmark S&P 500, and blue-chip Dow closed down by 4.2%, 2.6%, and 1.4%, respectively. This decline occurred as Treasury yields rose following the monthly U.S. employment report, which revealed that more jobs were added than anticipated in May, leading investors to forecast prolonged higher interest rates.
The Nasdaq and Dow experienced declines of over 1,100 and nearly 700 points, respectively, while the S&P 500 ended a nine-week streak of losses. Most of the Magnificent Seven tech giants experienced gains in premarket trading following a decline on Friday. Nvidia and Tesla were up more than 1% after each sank more than 6% to end last week. Apple shares edged higher ahead of the start of its annual Worldwide Developers Conference. Marvell Technology stock, which plunged 17% Friday to lead Nasdaq decliners, rebounded 7% before the bell on news the AI chip designer and Flex, a contract electronics manufacturer, would join the S&P 500 before trading opens on June 22. Flex shares experienced an increase of approximately 3.5%.
Oil prices surged following military exchanges between Iran and Israel. West Texas Intermediate futures, the U.S. crude oil benchmark, experienced a significant increase of over 4%, reaching $94.35 a barrel in recent trading. Meanwhile, front-month contracts of Brent crude, the global benchmark, rose nearly 4% to $96.60. Energy stocks experienced an increase, whereas airline and cruise operator stocks saw a decline. Bitcoin experienced a recovery after dipping below the $60,000 mark for the first time since October 2024 on Friday.
The world’s biggest cryptocurrency was recently trading at approximately $63,400, reflecting an increase from overnight lows of about $61,200. Crypto-tied stocks such as MSTR, Robinhood Markets, MARA Holdings, and Coinbase Global experienced an increase of up to 3.5% following a decline of between 6.5% and 11% in the previous session. The 10-year Treasury yield, a key factor affecting interest rates on mortgages and various consumer loans, was approximately 4.57% in recent trading, an increase from 4.52% at the close on Friday. The U.S. dollar index, which monitors the value of the greenback against a selection of foreign currencies, increased to 100.17. Gold futures fell by 1% to $4,320 per ounce.