Nasdaq futures surge 190 points: 5 things to know before Wall Street opens

• Oil prices eased after spiking to two-week highs following renewed Iran-Gulf tensions, helping calm equity markets and restore appetite for growth stocks despite ongoing geopolitical concerns.
• Fed meeting minutes revealed some policymakers saw a case for raising rates, with markets now pricing at least one rate increase by year-end as officials remain cautious about oil-driven inflation shocks.
• Chip stocks rebounded sharply with analyst support intact: Bank of America reiterated Buy on Micron, UBS lifted DRAM forecasts, Goldman raised AMD target, and HSBC doubled Intel target, reinforcing confidence in the AI hardware cycle.

Market Summary: Nasdaq Futures Surge on Cooling Oil, Chip Stock Rebound

Key Market Movements:

US equity futures showed mixed performance before Thursday's open, with Nasdaq 100 futures leading gains at +0.61% (approximately 190 points), S&P 500 futures up 0.2%, and Dow futures declining 0.10%. The rally followed Wednesday's mixed session and was driven primarily by semiconductor stocks rebounding after recent selling pressure.

Main Sectors and Companies:

Semiconductor stocks led premarket gains with Micron (MU) surging 3.5%, while AMD and Intel both advanced over 2.5%. Major Wall Street firms maintained bullish stances: Bank of America reiterated a Buy rating on Micron, UBS raised DRAM price forecasts, Goldman Sachs increased its AMD target, and HSBC doubled its Intel price target, reinforcing confidence in the AI hardware cycle.

Geopolitical and Commodity Impact:

Oil prices eased from two-week highs after initially spiking on renewed US-Iran tensions. Trump declared the interim Iran ceasefire "over," raising concerns about Strait of Hormuz disruptions. However, crude prices cooled before market open, providing relief to equity markets and tempering inflation fears.

Federal Reserve Policy:

Fed meeting minutes revealed some policymakers considered raising rates, keeping monetary policy uncertainty alive. Markets are pricing at least one rate increase by year-end according to LSEG data. An oil-driven inflation shock could prompt a more hawkish Fed stance.

Upcoming Data:

Weekly jobless claims data due at 8:30 a.m. ET will provide the next labor market snapshot, with New York Fed President John Williams scheduled to speak later.

Market Implications:

Investors demonstrate willingness to buy growth stock weakness despite ongoing geopolitical risks and rate uncertainty, particularly in AI-related semiconductor equities.