US Pre-Market: Three Major Index Futures Rise, Nasdaq Leads. Micron Rises Over 4%, Over 10 Billion Acquisition Drives Nuvalent to Surge Nearly 40%

TradingKey - On Tuesday Eastern Time, the three major U.S. stock index futures rose in pre-market trading, AI chip stocks continued their recovery rally, and the temporary cooling of the Middle East situation drove oil prices lower, leading to a rebound in market risk appetite. As of press time, Dow futures were up 0.20%, Nasdaq 100 futures rose 0.68%, and S&P 500 futures gained 0.45%.

U.S. stock index futures performance, Source: Investing

Gold ( XAUUSD) maintained its range-bound trend, rising slightly by 0.22% intraday to around $4,339.36. The cooling of Middle East risks pressured oil prices lower, providing short-term support for gold.

Crude oil prices retreated, WTI ( USOIL) crude oil futures fell 1.8% to $89.63, while Brent crude dropped 1.29% to $92.89. Supply concerns previously triggered by the closure of the Strait of Hormuz and the Middle East conflict have eased, leading oil prices to pull back from recent highs. However, Brent remains significantly above pre-war levels, and energy prices remain a core variable for the inflation trade this week.

Crypto assets performed weakly, Bitcoin ( BTCUSD) fell 0.7% to around $62,640, with its cumulative decline reaching 15% this month. Amid high Treasury yields and a relatively strong US dollar, Bitcoin has yet to break free from risk-asset pricing logic, as capital shows a preference for flowing back into AI and mega-cap tech stocks.

Unusual Market Activity

Chip stocks rose broadly in pre-market trading. Micron ( MU) rose more than 4%, Qualcomm ( QCOM) rose nearly 3%, Intel ( INTC) rose more than 2%, AMD rose more than 1.5%, Broadcom ( AVGO) rose approximately 1%. The market saw dip-buying after last week's sharp sell-off in tech stocks, with capital refocusing on AI computing power, HBM, and data center supply chains.

Applied Digital ( APLD) surged 13% in pre-market trading. The company signed a 15-year AI data center lease agreement with a U.S. hyperscaler, with expected base-term revenue of approximately $5.2 billion. If all renewal options are exercised, total 30-year revenue could reach approximately $12.7 billion. The agreement covers 210 megawatts of computing capacity at the Delta Forge 2 AI campus.

Oracle ( ORCL) rose more than 2% in pre-market trading. A recovery in AI infrastructure deal activity drove strength in cloud computing and data center-related stocks, with the market focusing on whether demand for enterprise cloud, databases, and AI computing power can continue to support Big Tech valuations.

Nuvalent ( NUVL) skyrocketed more than 38% in pre-market trading. GSK announced it will acquire U.S. cancer drug developer Nuvalent for approximately $10.6 billion in cash, at an offer price of $124 per share. Following the announcement, Nuvalent's shares surged in pre-market trading, with the price nearing the acquisition offer.

Market Highlights

Middle East tensions have seen a temporary de-escalation. Following a new round of crossfire, Iran and Israel stated they would cease mutual attacks; Donald Trump noted he had a "very good call" with Israeli Prime Minister Benjamin Netanyahu and said both sides would exercise restraint for at least a week.

OpenAI has confidentially filed for an IPO. The company stated it has submitted a confidential IPO application to the U.S. SEC but has not yet decided on a listing timeline, noting it "may still take some time." As Anthropic and SpaceX advance their own listing plans, the influx of AI unicorns to the capital markets may further test the U.S. stock market's capacity to absorb AI valuations.

The launch of Apple's new Siri AI in the European Union has been blocked. A European Commission spokesperson stated that Apple failed to develop a solution meeting EU interoperability requirements, and thus will not launch the new Siri AI tools in the EU. Apple previously unveiled its next-generation Apple Intelligence and Siri AI features at WWDC26, but regulatory issues may still impact its global rollout pace.

GSK is set to acquire Nuvalent for $10.6 billion. The British pharmaceutical company announced Tuesday that it will acquire the U.S.-listed cancer drug developer to strengthen its lung cancer drug pipeline. The deal illustrates that major pharmaceutical firms are continuing to utilize M&A to bolster late-stage clinical assets and future growth drivers.

Key Data and Events Preview

On June 9, ET, the U.S. will release data including the April trade balance and May existing home sales.

At 8:30 a.m. ET on June 10, the U.S. will release May CPI data.