US Pre-Market: Three Major Index Futures Rise, AI Chip Stocks Collectively Strengthen. Micron and Marvell Lead Gains

TradingKey - U.S. stock index futures rose across the board in pre-market trading Tuesday. As U.S. markets resumed trading after the Memorial Day holiday, market participants bet on progress in U.S.-Iran negotiations and easing oil price pressures, while strength in AI chip stocks bolstered the technology sector. As of press time, Dow Jones Industrial Average futures were up 0.61%, S&P 500 futures rose 0.69%, and Nasdaq 100 futures climbed 1.06%.

U.S. stocks resumed trading after the Memorial Day holiday, with technology stocks emerging as the primary pre-market focus. Driven by the strength of the Asian semiconductor sector and the continued heat of AI trading, U.S. chip stocks generally rose in pre-market trading.

In commodities, oil price volatility remains the market focus. While prospects for U.S.-Iran negotiations initially suppressed crude oil risk premiums, U.S. actions against Iranian targets and warnings of potential retaliation from Iran caused volatility in oil prices and safe-haven assets. Market data shows Brent crude rebounded to near $96, up 2.07% on the day, while WTI ( USOIL) fell 4.87%, reflecting that market pricing of supply risks and negotiation progress remains unstable.

Unusual Market Movements

Semiconductor stocks are broadly active in pre-market trading. U.S. semiconductor and memory chip stocks strengthened pre-market following gains in Asian tech stocks, Micron , Arm , Marvell , SanDisk , Qualcomm all posted gains of varying degrees, with Marvell attracting investor interest ahead of its earnings report.

Marvell Technology (MRVL) rose over 6% in pre-market trading. Rising demand expectations for AI chips, data center networking, and custom silicon have driven capital into Marvell ahead of its earnings release.

Micron Technology (MU) surged over 7% pre-market, leading large-cap chip stocks. On the news front, President Trump's public mentions of Micron's domestic investment plans, combined with strength in the Asian semiconductor sector, have driven capital back into memory chip stocks.

Dell Technologies ( DELL) rose 4.86% in pre-market trading, extending its strong performance from last week. The market is focused on AI server orders, backlog, and margin performance in this week's earnings report; if AI server demand continues to exceed expectations, it could further reinforce the "AI hardware chain" trade.

Market Highlights

The U.S.-Iran situation continues to dominate global risk appetite. Multiple media outlets reported that markets previously climbed on expectations of a potential agreement between the U.S. and Iran, as investors bet on the reopening of the Strait of Hormuz and the easing of energy supply pressures; however, subsequent U.S. military actions and warnings of Iranian retaliation caused stock index futures to pare gains and oil prices to fluctuate once again.

The AI trade continues to be the primary narrative for U.S. equities. In Asian markets, the South Korean Kospi surged, driven by semiconductor stocks, while Hong Kong tech shares were also boosted by chip-related news out of China; this sentiment spilled over into U.S. pre-market trading, lifting stocks related to memory, EDA, networking chips, and AI servers.

A pullback in U.S. Treasury yields supported growth stock valuations. The 10-year Treasury yield fell to around 4.48% and the dollar weakened slightly, which to some extent eased discount rate pressure on high-valuation tech stocks.

Key Data/Event Preview

At 10:00 a.m. ET on May 26, the U.S. will release the Conference Board Consumer Confidence Index for May, with market expectations near 92; the Dallas Fed Manufacturing Index will also be released on the same day.

This week's earnings focus shifts to AI infrastructure and consumer leaders. Companies including Marvell, Dell, and Costco will report results, as investors zoom in on the sustainability of AI orders, enterprise IT spending, consumer resilience, and margin trends.