US Pre-Market: Nasdaq Futures Rebound Over 100 Points, Micron Rises Over 4% Awaiting Earnings, Semiconductor Sector Rallies, Gold Falls Below $4,100

TradingKey - On June 24, Eastern Time, in U.S. premarket trading, the three major stock index futures rose across the board. As of press time, Dow futures rose 0.06%, Nasdaq 100 futures rose 0.52%, and S&P 500 futures rose 0.27%.

[Source: CME Group]

The crypto market continued its weakness. Bitcoin briefly fell below $62,000 intraday, down nearly 4% from its daily high. As of press time, Bitcoin was trading at around $62,800, and Ethereum was trading at around $1,680.

In commodities, international gold prices weakened. As of press time, London gold ( XAUUSD) is currently trading at $4,044/oz, down about 1.6%. London silver ( XAGUSD) is currently trading at $59.2/oz, down 3.6%.

International oil prices continued to edge lower. As of press time, WTI crude oil futures were trading at $71.13/barrel, down 2.84%; Brent crude oil futures were trading at $74.65/barrel, down 2.8%. Oil prices have fallen sharply since the United States and Iran signed a temporary peace agreement last week, committing to reopening the Strait of Hormuz.

The US Dollar Index rose 0.21% to 101.59, climbing to a near six-week high; on Tuesday, the US Dollar Index had surged to a one-year high of nearly 101.40. The offshore RMB fell nearly 200 pips intraday toward 6.80, nearing a one-month low.

Unusual Market Movements

The semiconductor sector rebounded across the board. Chip stocks, which plunged yesterday, collectively rose in pre-market trading today. As of press time, Micron Technology ( MU) rose over 4.5%, SanDisk ( SNDK) rose nearly 3%, Western Digital ( WDC ), Intel ( INTC ), AMD ( AMD) rose over 1.5%.

Optical communication stocks rebounded in tandem, with Credo Technology ( CRDO) rising over 3%, Coherent ( COHR ), Marvell Technology ( MRVL) rising over 2%, Corning ( GLW) gaining 1.4%.

Among mega-cap tech stocks, Nvidia ( NVDA) rose 0.73%, Tesla ( TSLA ), Google ( GOOGL ), Meta ( META ), Apple ( AAPL) moved higher, while Amazon ( AMZN ), Microsoft ( MSFT) weakened.

Market Headlines

New progress in US-Iran talks. The Pakistani Ministry of Foreign Affairs confirmed that technical negotiations between the US and Iran will resume on the 30th of this month. This comes after both chambers of the US Congress passed a resolution limiting the president's authority to use military force against Iran.

SK Hynix plans to raise 45 trillion won (about $29 billion) by issuing depository receipts on Nasdaq. According to a statement released by the company on Wednesday, the securities are expected to begin trading on July 10. As of the close on June 24, SK Hynix closed up 0.98% at 2.58 million won per share. Listing in the US will grant SK Hynix access to a new investor pool and is expected to narrow its valuation gap with competitors.

Nvidia's annual shareholder meeting will be held tonight. Nvidia will host its fiscal year 2026 annual meeting of shareholders online at 12:00 PM Eastern Time on June 24 to review matters such as director elections, executive compensation, and the reappointment of the independent auditor. The market is more focused on business signals released by Jensen Huang, particularly whether AI demand remains strong, the HBM supply situation, and the mass production progress of the next-generation Rubin platform.

Qualcomm ( QCOM) is in talks with ByteDance over custom chips, rising 1.6% premarket. According to media reports, Qualcomm is in discussions with ByteDance to provide custom chip design services, potentially covering video processing units (VPUs), with mass production planned for as early as the end of the year. Additionally, Qualcomm will host an Investor Day today. The market is focusing on management's latest plans for its AI and data center businesses, including the progress of ASIC orders from hyperscale cloud providers, data center revenue targets, and the Dragonfly AI inference accelerator roadmap.

SpaceX ( SPCX) fell 0.85% as its $25 billion bond offering attracted nearly $90 billion in subscriptions. SpaceX completed its first bond offering after listing on June 23, raising $25 billion across a five-tranche structure, which received nearly $90 billion in orders—representing an oversubscription of approximately 3.6 times the offering size.

FedEx ( FDX) fell over 6% premarket to $295.39. The company's fourth-quarter revenue was $25 billion, beating the expected $24.01 billion; adjusted earnings per share were $6.31, beating the expected $5.92. However, the operating margin for its core Express segment fell to 7.7% from 8.4% in the same period last year, and its full-year earnings outlook fell short of market expectations.

Sony ( SONY) rose 2.09% premarket to $20.05. Sony Group is preparing its first US dollar bond issuance in nearly three decades, planning to issue a two-tranche senior fixed-rate bond.

Key Upcoming Events

Micron's earnings report has become the main focus of the market this week. Micron Technology will announce its third-quarter FY2026 financial results after the close on June 24. According to FactSet data, analysts expect adjusted earnings per share of $20.57 for the quarter, a year-over-year increase of nearly 1,000%. The company's prior guidance was revenue of $33.5 billion and adjusted EPS of $19.15, while Wall Street consensus expectations stand at revenue of $34.5 billion and adjusted EPS of $19.72. The company has set record single-quarter revenues for four consecutive quarters.