【US Pre-Market】Trump Eases Russia Sanctions, Oil Falls; Intel Rises Over 4%, Micron and SanDisk Lead Memory Chip Stocks

TradingKey - On Monday (October 19) US Eastern Time, futures on the three major US stock indices were mixed in pre-market trading, led by Nasdaq 100 Index futures. AI, semiconductor, and memory stocks that suffered heavy sell-offs last week rebounded, while Donald Trump's pause on new sanctions targeting Russia and its energy trade pushed international oil prices and US Treasury yields lower, improving risk sentiment for growth stocks.

As of press time, Dow futures fell 0.21%, S&P 500 futures rose 0.43%, and Nasdaq 100 futures gained 0.99%.

Source: Investing

In commodities, gold (XAUUSD) rose about 0.25%, trading near $4,175, supported by falling US Treasury yields. International oil prices fell, with WTI (USOIL) crude down about 0.7% to around $98.4, and Brent (UKOIL) crude down about 1.2% to around $108.6. Trump's pause on new sanctions and tariffs targeting Russia and its energy trade eased market concerns over declining Russian crude supply, though Middle East tensions kept oil prices relatively high.

In cryptocurrencies, Bitcoin (BTC) rose about 0.1%, trading near $82,200. A recovery in risk appetite for tech stocks helped the crypto market stabilize, but Bitcoin's rebound remained weaker than that of Nasdaq futures.

Market Moves

Intel (INTC) rose about 4.2% in pre-market trading. JPMorgan upgraded Intel's rating from "Underweight" to "Neutral", maintaining its price target at $85. The bank believes valuation risks have been somewhat released following the stock's recent pullback, while management restructuring progress and server CPU demand driven by AI applications may provide support for the company's performance.

The memory sector rebounded significantly in pre-market trading. SanDisk (SNDK) rose about 3.9%, and Micron Technology (MU) gained about 3.4%. SanDisk attracted bargain hunting after dropping 6.85% last Friday, with Goldman Sachs maintaining its "Buy" rating and $2,200 price target; Micron's Taiwan union stated that today's event was a rally rather than a formal strike, easing market concerns over short-term production disruptions.

AI infrastructure stocks generally recovered in pre-market trading. Super Micro Computer (SMCI) rose about 3.5%, CoreWeave (CRWV) gained about 2.9%, and Nvidia (NVDA) rose about 1.5%. The aforementioned stocks were all under notable pressure last Friday, but falling oil prices and U.S. Treasury yields today prompted capital to re-enter hard-hit AI stocks.

Market News

Trump pauses new sanctions and tariffs targeting Russia. Trump signed an executive order last Friday waiving certain sanctions, import restrictions, and tariffs prescribed by the Lindsey O. Graham Sanctions Against Russia and Iran Act. The waiver will remain in effect until the U.S. President or Secretary of State determines that further action is needed.

China's third-quarter economic growth accelerates. Data showed that China's third-quarter gross domestic product grew 4.5% year-on-year, up from 4.3% in the second quarter; in the first three quarters of this year, the economy expanded 4.6% year-on-year. Exports remained strong, but the real estate slump and weak domestic demand remain the primary headwinds.

Large-scale protests in France escalate over the weekend. Demonstrations against the rising cost of living and school conditions erupted across multiple regions in France, with more than 2,000 people arrested nationwide. French President Emmanuel Macron delivered a televised address on Sunday, condemning violence during the protests.

Important Data and Events Preview

At 10:00 ET on October 19, the U.S. will release the October NAHB Housing Market Index, which the market expects to fall from 32 to 31.

At 11:30 ET on October 19, the U.S. Treasury will hold auctions for 3-month and 6-month Treasury bills.