Dow futures jump 315 points: 5 things to know before Wall Street opens

• Intel stock soared 9.3% in pre-market trading after Trump confirmed Apple will work with the company on US-based chip design and manufacturing, reinforcing Washington's push for domestic semiconductor capacity.
• Markets now price a 50% probability of a 25-basis-point Fed rate increase in September, up from 27% on Wednesday, following hawkish Fed projections despite rates being held steady this week.
• Oil prices fell to three-month lows amid a US-Iran interim ceasefire agreement, easing inflation concerns, while May retail sales exceeded expectations and supported the view of gradual consumer spending slowdown.

Market Summary: Dow Futures Jump 315 Points

Key Market Movements

US stock futures rose sharply Thursday, with S&P 500 futures gaining 0.83% and Nasdaq 100 contracts advancing 1.32%. The rebound follows Wednesday's selloff, with technology stocks leading the recovery ahead of Friday's Juneteenth market holiday.

Major Catalyst: Intel-Apple Partnership

Intel surged 9.3% in pre-market trading after President Trump announced Apple would partner with the chipmaker on domestic chip design and production. This announcement reinforces Washington's push to rebuild US semiconductor manufacturing capacity and provides Intel's struggling foundry business with crucial validation against competitor Taiwan Semiconductor Manufacturing Co.

Federal Reserve Repricing

The Fed held rates steady but projected potential rate increases later this year. Markets now price a 50% probability of a 25-basis-point hike in September, up from 27% on Wednesday, according to CME FedWatch. The hawkish shift continues to create caution despite the equity market bounce.

Supporting Factors

Oil prices fell to three-month lows following news of an interim US-Iran agreement, easing inflation concerns and supporting consumer spending expectations.

Retail sales for May exceeded expectations, driven by auto and gasoline spending, indicating the US consumer remains resilient despite inflation pressures.

Other Movers

Smith & Wesson rose on stronger quarterly sales, while GameStop gained as traders rotated into high-beta retail stocks.

Market Outlook

The bullish sentiment score of 72/100 reflects optimism tempered by Fed hawkishness. Technology and semiconductor stocks are attracting renewed interest, though investors remain selective about genuine AI and manufacturing winners versus overextended names.