US Pre-Market: Chip Stocks Rebound Leads Nasdaq Futures, Marvell Surges Nearly 9% Pre-Market to Be Added to S&P 500

TradingKey - US stock index futures rose across the board in pre-market trading on Monday Eastern Time, as technology stocks recovered after last week's sell-off, with a rebound in chip stocks leading the gains in Nasdaq futures. However, escalating tensions in the Middle East pushed oil prices higher, and market concerns over inflationary pressures and the Federal Reserve's policy path have not dissipated. As of press time, Dow futures rose 0.36%, S&P 500 futures rose 0.83%, and Nasdaq futures gained 1.49%.

Performance of US stock index futures, Source: Investing

On Monday Eastern Time, US pre-market trading focused on two main fronts: on one side, semiconductor stocks such as NVIDIA, Broadcom, and Micron rebounded, lifting Nasdaq futures; on the other, Israel launched further strikes against targets in Iran and Lebanon, sending international oil prices surging. Investors are concerned that rising energy costs will continue to drive up inflation and further restrict the Fed's room for a pivot toward easing.

Crude oil has become the most watched asset in pre-market trading. WTI ( USOIL) spot crude rose to $95.47 during the session, while Brent crude hit a high of $98.08, primarily driven by Israel's new round of strikes against Iran and Lebanon. The rise in oil prices benefited energy stocks, but fuel-sensitive sectors such as airlines and cruise lines were under pressure in pre-market trading.

Impacted by strong non-farm payrolls and high oil prices, spot gold continued its weakness. Gold ( XAUUSD) fell 0.11% during the session to around $4,323.8, briefly dropping below $4,300 and reaching a low of $4,268.53.

Crypto assets saw a slight recovery. Bitcoin ( BTCUSD) rose 0.38% during the session to around $63,587, though it remains down approximately 13.6% cumulatively this month.

Market Movement

Chip stocks rebounded in pre-market trading. NVIDIA ( NVDA ), Broadcom ( AVGO ), Micron ( MU) all rose pre-market following a massive sell-off of U.S.-listed chip stocks last Friday, as the market watches whether AI trades can stabilize sentiment this week.

Marvell ( MRVL) surged over 6% in pre-market trading. S&P Dow Jones Indices announced that Marvell and Flex will be added to the S&P 500 index before the market opens on June 22, replacing Pool Corp and Campbell’s. The expectation of index inclusion provides room for anticipation regarding passive fund inflows.

Eli Lilly ( LLY) rose over 4% in pre-market trading. The company released trial data for its next-generation weight-loss drug, retatrutide, showing that in addition to weight loss, the drug can also improve obesity-related complications such as sleep apnea and knee pain. The market continues to focus on its long-term competitiveness in the weight-loss drug sector.

Airline stocks weakened in pre-market trading. Impacted by surging oil prices, U.S. airline operators are under pressure in pre-market trading as investors worry that rebounding fuel costs will erode profit margins.

Market News

Conflict in the Middle East escalates again, driving oil prices significantly higher. Israel launched a new round of strikes against Iran and Lebanon on Monday, dampening market optimism for a ceasefire. Consequently, both WTI and Brent crude rose sharply intraday, with rising energy prices once again becoming a core disruption in U.S. equity inflation trades.

Apple's WWDC kicks off today, with AI progress in the spotlight. The Apple Worldwide Developers Conference will be held from June 8 to June 12, as the market focuses on whether the company will announce a next-generation Siri, Apple Intelligence upgrades, and more AI developer tools. Having lagged in the AI narrative over the past year, this event is seen as a critical juncture for testing its AI catch-up capabilities.

Marvell and Flex will be added to the S&P 500. S&P Dow Jones Indices announced that Marvell Technology and Flex will join the S&P 500 before the market opens on June 22. This adjustment highlights the continued increase in index weighting for companies related to AI infrastructure, semiconductors, and electronics manufacturing.

U.S. May CPI data will be released this Wednesday. The Bureau of Labor Statistics will announce the May CPI at 8:30 AM ET on June 10. Robust non-farm payrolls have already weakened expectations for rate cuts; if the CPI continues to be driven higher by energy prices, the market may further upwardly revise the probability of the Fed maintaining high interest rates or even hiking again.

Key Data & Events Preview

Apple's WWDC 2026 kicks off on June 8, Eastern Time.

The U.S. will release May CPI data at 8:30 a.m. ET on June 10.

The U.S. will release PPI and the preliminary University of Michigan consumer sentiment index on June 12, Eastern Time.