Nasdaq futures surge 310 points: 5 things to know before Wall Street opens

• Semiconductor stocks rebounded sharply with Western Digital up 5.5%, Seagate up 4.4%, and Micron up 3.4%, suggesting AI trade momentum is broadening beyond mega-cap tech
• Oil prices fell to near four-month lows after OPEC+ agreed to raise August output by 188,000 barrels per day, reducing inflation pressures and Fed rate-hike concerns
• ISM services survey (forecast near 54) due Monday and Fed minutes Wednesday will be closely watched, along with early earnings reports from Delta and PepsiCo later this week

Market Summary: Nasdaq Futures Surge on Chip Rebound and Lower Oil

Key Market Movements:

US futures opened higher Monday, with Nasdaq-100 futures climbing 1.1% (310 points), S&P 500 futures up 0.5%, and Dow futures near flat. The Dow is coming off a record close, approaching the 53,000 mark after a holiday-shortened week.

Semiconductor Sector Stabilizes:

Chip stocks rebounded after recent pressure, with Western Digital up 5.5%, Seagate gaining 4.4%, and Micron Technology advancing 3.4%. The stabilization is critical as semiconductors have been a major market driver this year, with investors monitoring whether AI-driven rally is broadening beyond mega-cap tech into healthcare, industrials, and financials.

SK Hynix Listing Tests AI Demand:

South Korean memory-chip maker SK Hynix is pursuing a listing, offering another gauge of investor appetite for AI supply-chain exposure. The company has benefited significantly from high-bandwidth memory demand for AI systems.

Oil Prices Ease Inflation Concerns:

Crude oil traded near four-month lows following OPEC+'s decision to raise August output targets by 188,000 barrels per day. Continued shipping through the Strait of Hormuz reduced supply shock fears. Lower energy prices reduce inflation risks and pressure on the Federal Reserve regarding rate decisions.

Upcoming Catalysts:

The ISM services survey (forecast near 54) is due Monday, followed by Fed minutes Wednesday that will be scrutinized for policy signals after last month's hawkish turn under Chair Kevin Warsh. Early earnings reports from Delta Air Lines and PepsiCo later this week will provide initial reads before earnings season intensifies.

Market Sentiment: Bullish (72/100) - driven by chip sector stabilization, broadening market leadership, and easing inflation concerns from lower oil prices.