U.S. stocks staged a sharp premarket rebound Monday as chip stocks bounced from Friday’s rout and President Donald Trump pushed to hold together a fragile Israel-Iran ceasefire, after a weekend in which the two sides traded fresh strikes.
Micron Technology Inc. (NASDAQ:MU) jumped more than 8% in premarket trading, the best-performing stock among S&P 500 constituents.
Futures on the Nasdaq 100 rose more than 2%, clawing back part of Friday’s 4.8% plunge — the index’s worst session since the tariff-driven selloff of April 2025.
Iran Pauses Strikes On Israel
Iran’s armed forces announced an end to military operations against Israel, as Reuters reported.
Iran warned of “harsher” attacks if Israel resumes strikes on Lebanon, with the military saying its operations would cease provided the Israel Defense Forces do not hit Lebanon again.
The de-escalation followed Trump’s tweet, in which he said Israel and Iran are looking to do an “immediate ceasefire.” The president added that a U.S. naval blockade of Iranian ports would remain in full force until a final deal is reached.
Iran had fired nearly 30 ballistic missiles at Israel since Sunday evening, reigniting a conflict tied to a faltering, roughly 100-day standoff between Washington and Tehran.
Israel struck Beirut and targeted western and central Iran earlier Monday in retaliation for the weekend barrage.
Chips Lead The Bounce
Micron paced a broad semiconductor recovery, up roughly 7% from Friday’s sharp 13% collapse.
Intel Corp. (NASDAQ:INTC) climbed 13%, Corning Inc. (NASDAQ:GLW) soared 9%, Super Micro Computer Inc. (NASDAQ:SMCI) climbed 6%, Sandisk Corp. (NASDAQ:SNDK) and Seagate Technology Holding plc (NASDAQ:STX) each added about 5%.
Futures on the Nasdaq 100 rallied to 29,500 points, while contracts on the S&P 500 were up 1.3% to 7,460 points.
Russell 2000 futures rose 2% to 2,875 points, after falling over 3% on Friday.
West Texas Intermediate crude eased to around $91.31 a barrel, sliding sharply from overnight peaks near $95.40 as the war premium drained, though still up about 1.2% on the day. The U.S. Dollar Index slipped 0.16% to 99.63.
Friday’s rout had erased about $1 trillion in market value as semiconductors — the year’s hottest trade — reversed and a stronger-than-expected May jobs report stoked bets that the Federal Reserve’s next move could be a hike.
On Monday, Goldman Sachs economist David Mericle scrapped his prior call for two Fed rate cuts this year, and now expects none.
Meanwhile, money markets tracked by the CME FedWatch Tool are now fully pricing in a 25-basis-point hike by year-end.
Photo: Shutterstock
Recent Comments