US Pre-Market: Three Major Indexes Rise, Oracle Plunges 8%. Semiconductor Equipment Stocks Gain, AI Chip Capital Expenditure Cycle Continues to Heat Up

TradingKey - On Thursday ET, the three major U.S. stock index futures rebounded in pre-market trading. Tech stocks saw a recovery after two consecutive days of declines as the market temporarily digested tensions between the U.S. and Iran and the impact of the previous day's hot CPI data. As of press time, Dow futures rose approximately 0.83%, S&P 500 futures increased about 0.76%, and Nasdaq futures climbed about 1.22%.

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

In terms of commodities, gold ( XAUUSD) found support near $4,000 and maintained a weak rebound during the session, rising 0.36% to around $4,086. However, rising inflation data led the market to bet that the Federal Reserve will find it difficult to pivot toward easing in the short term, weakening gold's upward momentum.

Crude oil prices fell back, with WTI crude ( USOIL) dropping 2.91% to $89.20, and Brent crude falling 2.98% to $92.17. Following the end of the latest round of U.S. strikes against Iran, market concerns over short-term supply disruptions have cooled, though risks in the Strait of Hormuz continue to limit the downside for oil prices.

Crypto assets rebounded, with Bitcoin ( BTC) rose 2.69% to around $63,160. As Nasdaq futures rebounded, risk asset sentiment improved slightly, but Bitcoin is still down more than 14% cumulatively this month, with liquidity still suppressed by high interest rates and volatility in tech stocks.

Market Volatility

Oracle ( ORCL) fell more than 8% in pre-market trading. The company's fourth-quarter adjusted EPS was $2.11, beating market expectations of $1.95; revenue was $19.2 billion, slightly higher than the expected $19.1 billion. However, investors are more focused on the significant rise in AI data center capital expenditures, with Oracle's fiscal 2026 Capex climbing to approximately $55.66 billion and expectations that large-scale financing will still be required in fiscal 2027 to support cloud infrastructure expansion.

Semiconductor equipment stocks collectively climbed in pre-market trading. Lam Research ( LRCX) rose over 3%, Applied Materials ( AMAT) rose over 4%, KLA ( KLAC) rose over 3%. Several institutions had previously raised target prices for semiconductor equipment stocks, citing that the AI-driven wafer fab capital expenditure cycle remains in an uptrend.

Micron Technology ( MU) rose nearly 3% in pre-market trading. The market believes that HBM and DRAM supply and demand remain tight, with AI server demand continuing to support memory chip prices. Although Micron Technology recently pulled back alongside other chip stocks, investors still view it as a core play in the AI storage chain.

Super Micro Computer ( SMCI) edged up 0.10% in pre-market trading. The company previously tumbled due to dilution concerns triggered by a $7 billion financing plan; shares stabilized temporarily in pre-market trading today as the market continues to monitor the balance between its AI server orders and financing costs.

Market Headlines

The U.S. has concluded its latest round of strikes against Iran. U.S. officials stated that the recent military operations against Iranian targets ended Wednesday night, leading to a recovery in market risk appetite. However, Trump remarked that negotiations with Iran are moving too slowly and warned that Iran will "pay a price," indicating that geopolitical risks have not been fully resolved.

The SpaceX (proposed ticker: SPCX) IPO enters a critical pricing day. The market expects SpaceX to finalize its pricing on Thursday and officially debut on the Nasdaq on Friday. Given the high scale of financing and valuation, investors are monitoring whether it will siphon liquidity from tech stocks and AI trades.

Adobe ( ADBE) will report earnings after the bell. The options market expects a single-day price swing of up to 8.5% following the results. Investors will focus on the commercialization progress of AI products like Firefly, CEO succession arrangements, and the impact of generative AI competition on its core software business.

Key Data/Events Preview

The U.S. is scheduled to release May PPI, core PPI, and initial jobless claims data at 8:30 AM ET on June 11.

Adobe (ADBE) will report its quarterly earnings after the market close on June 11 ET.

SpaceX (proposed ticker: SPCX) is expected to officially commence trading on June 12 ET.