Stock futures indicated a positive start on Tuesday, following a day when the Nasdaq Composite and S&P 500 experienced declines at the beginning of the week. This shift occurred as oil prices decreased and bitcoin surpassed $80,000 for the first time in over three months. Futures for the Nasdaq 100, S&P 500, and Dow Jones Industrial Average experienced increases of 1%, 0.5%, and 0.5%, respectively, in the latest trading session. Yesterday, the S&P 500 and Nasdaq Composite commenced the week on a downward trajectory as semiconductor stocks experienced a decline, whereas the blue-chip Dow concluded higher for the second consecutive session. The Roundhill Memory ETF, which sank nearly 6% Monday, was up 3.5% before the bell as components Sandisk, Western Digital, SK Hynix, Micron Technology, and Seagate Technology rebounded.

The broader iShares Semiconductor ETF was 2.5% higher after declining more than 2.5% yesterday, aided by a rebound from components Marvell Technology, Intel, Advanced Micro Devices, and Applied Materials. Nvidia, another component of the iShares Semiconductor ETF, pointed up about 1.5% after closing nearly 3% lower yesterday—its seventh straight decline, marking its longest skid since 2022. The world’s most valuable public company is poised to announce its eagerly awaited quarterly results on Wednesday afternoon. Its fellow Magnificent Seven mega-cap tech stocks were mostly higher before the bell, with Tesla rebounding nearly 1% after ending almost 4% lower yesterday.

Meanwhile, crude oil prices declined further a day after investors dismissed the Treasury Department’s new sanctions on Iran and those engaging in trade with the Middle Eastern nation. West Texas Intermediate futures, the U.S. benchmark, experienced a decline of 3% to $82.45 a barrel, whereas Brent crude futures, the global benchmark, fell by 2.9% to $89.55. The yield on the 10-year Treasury, which influences interest rates on a variety of consumer loans including mortgages, was approximately 4.67%, reflecting a decrease of three basis points from Monday’s close. Bitcoin surpassed the $80,000 mark for the first time since May 15 early Tuesday. The world’s largest cryptocurrency reached a peak of $81,222 and was recently trading at approximately $79,300, reflecting a modest increase over the past 24 hours.

The U.S. dollar index, which monitors the value of the greenback relative to a selection of foreign currencies, remained unchanged at 99.00. Gold futures declined by 0.2% to $4,690 per ounce, yet they continue to hover close to their peak price since mid-May. In addition to Nvidia’s highly anticipated results tomorrow, investors will also focus on the July Personal Consumption Expenditures price index data. The cost-of-living index increased by 3.7% year-over-year in June, a decline from the 4.1% recorded in May. Although other inflation indicators suggest a moderation in inflation, the PCE remains the Federal Reserve’s favoured measure.