US Pre-Market: US Stock Futures Edge Higher, Focus Shifts to Fed. SpaceX Rises Over 10%, Western Digital Gains Over 9%

TradingKey - On Tuesday morning ET, U.S. stock index futures rose slightly in pre-market trading, with the market entering a wait-and-see mode after a sharp rally in the previous session. The interim agreement between the U.S. and Iran continued to weigh on oil prices, easing market concerns over energy inflation, though investor attention has clearly shifted to this week's Federal Reserve policy meeting. This will be the first rate decision since Kevin Warsh took office as Fed Chair, and the market will focus closely on his stance regarding inflation, employment, and the future path of interest rates.

As of press time, Dow futures rose 0.17%, S&P 500 futures fell 0.12%, and Nasdaq 100 futures rose 0.29%.

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

In commodities, WTI ( USOIL) crude oil fell 3.42% to $78.42; Brent crude fell 2.87% to $80.94, both hitting three-month lows. Gold ( XAUUSD) rose about 0.69% to trade around $4,339. The continued decline in oil prices indicates that the market is pricing in expectations of the reopening of the Strait of Hormuz and the resumption of Middle East supply, while the rise in gold reflects that the market remains cautious about the final implementation details of the U.S.-Iran agreement.

Unusual Market Movements

SpaceX ( SPCX) rose over 10% in pre-market trading, strengthening for the third consecutive trading day. The stock has continued to attract capital since its listing, with the market focusing on its space economy, satellite internet, AI infrastructure, and Elon Musk concept premium. If the pre-market gains extend into the regular session, SpaceX's market capitalization is expected to close in on or even surpass Amazon ( AMZN ).

Qualcomm ( QCOM) rose over 5% in pre-market trading. Reports indicate that Qualcomm is in talks to acquire AI chip startup Tenstorrent in a deal valued between $8 billion and $10 billion. The market believes that if the transaction proceeds, Qualcomm is expected to bolster its AI chip, edge computing, and data center inference chip businesses, thereby increasing its participation in the AI hardware cycle.

Memory chip stocks continued to strengthen in pre-market trading. Micron Technology ( MU) rose over 3%, Western Digital ( WDC) rose over 9%, and Seagate Technology ( STX) rose over 7%. Demand for AI servers, high-bandwidth memory (HBM), and data center expansion remains the core focus of market trading. Following the previous rally in the semiconductor sector, capital continues to seek high-elasticity plays across the AI hardware chain.

Energy stocks continued their weakness in pre-market trading. Occidental Petroleum ( OXY ), Halliburton ( HAL ), and Chevron ( CVX) and other oil and gas stocks came under pressure. The US-Iran agreement pushed oil prices further down, and market pricing for the risk of supply disruptions in the Strait of Hormuz has significantly receded. Upstream oil and gas stocks remain dragged down by the downward pressure on oil prices in the short term.

Market Headlines

The Federal Reserve is set to announce its June interest rate decision, marking the debut of Kevin Warsh. The market widely expects the Fed to keep interest rates unchanged in the 3.50% to 3.75% range at this meeting. As U.S. inflation remains above the Fed's 2% target, investors will focus closely on how Warsh assesses falling energy prices, labor market resilience, and the future rate path. Traders are currently still pricing in a potential rate hike in December, while expectations for a rate cut have been pushed back to after mid-2027.

The interim U.S.-Iran agreement continues to weigh on oil prices, while uncertainty remains over the resumption of shipping through the Strait of Hormuz. U.S. President Trump previously stated that the U.S. and Iran have signed a preliminary agreement to end the conflict, sparking market expectations that the Strait of Hormuz may reopen. Consequently, international oil prices have fallen steadily, with both WTI and Brent crude hitting three-month lows. However, shippers are still waiting for security assurances and progress on minesweeping, and some analysts believe it could still take several weeks for transit through the strait to fully recover.

The Bank of Japan raised interest rates to 1%, marking a 31-year high. The BOJ hiked its short-term policy rate from 0.75% to 1.0%, the highest level since 1995. The decision demonstrates that despite the U.S.-Iran agreement easing short-term oil price pressures, major global central banks remain concerned about energy shocks spilling over into inflation. The BOJ's rate hike also keeps global capital focused on how policy divergence among major central banks will impact the U.S. dollar, Japanese yen, and Treasury yields.

Nvidia ( NVDA) announced a $25 billion corporate bond offering. Nvidia originally planned to raise $20 billion, but boosted the issuance size to $25 billion driven by robust demand, with the order book peaking at $85 billion. Market observers believe the bond sale is aimed more at enhancing liquidity and building a more complete credit curve rather than solely for capital expenditures. As the leading AI chipmaker, the strong demand for Nvidia's debt also reflects the capital market's continued high confidence in the AI industry cycle.

SpaceX announced it will acquire Anysphere, the parent company of AI coding tool Cursor, for $60 billion. The transaction is expected to close in the third quarter of 2026, further expanding SpaceX's footprint in enterprise AI and AI development tools. Analysts believe that SpaceX's swift execution of large-scale acquisitions post-IPO indicates its expansion from space and satellite internet into AI infrastructure and enterprise software.

Key Data/Events Preview

At 8:30 AM ET on June 16, the U.S. released building permits and housing starts data for May.

At 8:30 AM ET on June 16, the U.S. released import and export price indices for May.

On June 16 ET, the Federal Reserve held its June FOMC monetary policy meeting.