June 11 - U.S. stock index futures moved higher on Thursday as investors sought opportunities in technology names hit hard by earlier declines and drew cautious encouragement from reports of progress in talks between the United States and Iran.
Chip stocks recovered some ground following Wednesday’s heavy selling that pushed major Wall Street indexes down more than 1% and placed technology shares into correction territory - a 10% drop from their record closing highs. In premarket trading, Nvidia, Intel and Micron Technology rose in a range between 1.2% and 4.7%.
Geopolitical developments added to market sentiment. The United States and Iran exchanged air attacks on Thursday, yet three Iranian sources and a European official indicated the two countries were communicating on the details of a memorandum after reaching a political understanding, even though several items still required detailed discussion. Expectations that talks to reopen the Strait of Hormuz were on track contributed to lower oil prices, relieving some of the inflation pressure tied to energy.
At 06:22 a.m. ET, futures were higher across the board: Dow E-minis were up 367 points, or 0.73%; S&P 500 E-minis were up 53.75 points, or 0.74%; and Nasdaq 100 E-minis were up 338.75 points, or 1.19%.
The S&P 500 has slipped roughly 4% since recording a closing high in early June, as investors contend with stretched valuations in the technology sector and the prospect of tighter monetary policy. The Middle East conflict has driven energy prices higher and added to inflation concerns. Separately, the highly anticipated market debut of SpaceX, scheduled for Friday and expected to carry a valuation of $1.75 trillion, is another potential test for the year’s rally that has repeatedly driven stocks to record levels.
Economic releases due at 8:30 a.m. ET include the monthly U.S. producer prices report and weekly initial jobless claims. Investors will be watching those data for fresh clues about the Federal Reserve’s likely policy path ahead of next week’s meeting. On Wednesday, data showed U.S. consumer inflation rose at its fastest pace in three years in May, driven in part by surging energy costs amid the Middle East tensions.
Notable movers
- Oracle shares plunged 7% after the company projected fiscal 2027 capital spending above Wall Street estimates, highlighting substantial cash outlays to expand its AI infrastructure.
- Navan jumped 17.6% after the corporate travel booking agency raised its full-year revenue and operating income forecasts, citing robust business travel demand and growth among enterprise customers.
Investors continue to parse mixed signals: short-term relief from diplomatic developments and sector-specific momentum in chips and travel are balanced against persistent inflationary readings and upcoming economic releases that could influence Fed policy.
Context and market backdrop
Chipmakers led the early gains after Wednesday’s selloff. The rebound in Nvidia, Intel and Micron in premarket trading reflected investors buying into stocks that had experienced sharp declines. Meanwhile, developments in the Middle East, including exchanges of military action and reported diplomatic messaging, moved energy markets and broader risk sentiment.
The market’s attention remains split between geopolitics and economics: progress in talks that might ease disruptions to oil flows has helped cap energy-driven inflation pressure, while U.S. inflation data and labor market indicators arriving before the Federal Reserve’s upcoming meeting will be closely scrutinized for signs on the central bank’s next steps.