U.S. stock futures pointed to a mixed open on Monday, with technology shares leading gains as investors rotated back into growth sectors. Nasdaq-100 futures climbed 1.02%, while S&P 500 futures added 0.44%. Dow Jones futures were nearly flat, up just 0.06%, as the blue-chip index hovered near its recent record close.
The divergence between the Nasdaq and the Dow—a spread of 96 basis points—underscored a renewed appetite for high-growth names, particularly in the semiconductor and artificial intelligence spaces. Premarket activity showed heavy volume in chipmakers, with Intel Corp (NASDAQ:INTC) surging 3.14% and Micron Technology Inc (NASDAQ:MU) advancing 2.84%. Nvidia Corp (NASDAQ:NVDA) edged up 0.27%, while Oracle Corp (NYSE:ORCL) rose 3.68% and Tesla Inc (NASDAQ:TSLA) gained 1.47%. Apple Inc (NASDAQ:AAPL) bucked the trend, slipping 1.09%.
The rebound in tech comes after a rough start to July for semiconductor stocks. The Invesco PHLX Semiconductor ETF (NASDAQ:SOXQ) remains down 11.4% month-to-date, according to Barron's, despite Friday's bounce. Intel and Micron each recovered about 3% after a 5% decline on Thursday.
In a major development for the AI trade, South Korean memory-chip giant SK Hynix (KRX:000660) launched a U.S. share sale, planning to raise 43 trillion won ($28.07 billion) through Nasdaq depository receipts. Shares in Seoul fell 3.4% on Monday, but the stock has soared roughly 260% this year. Analysts called it a "memory super cycle," with the listing expected to remove an "accessibility discount" for U.S. investors.
Oil prices extended their decline, providing a tailwind for growth stocks. Brent crude fell 1.41% to $71.10 a barrel, and West Texas Intermediate dropped 1.16% to $67.89 after OPEC+ agreed to boost August production targets by 188,000 barrels per day. Jefferies' chief European economist noted that falling oil prices should support growth-sensitive sectors, aligning with the Nasdaq's premarket strength.
Investors are also eyeing key economic data and Federal Reserve minutes due this week. The ISM services survey is expected later Monday, while the Fed's June meeting minutes, set for release Wednesday, may carry a hawkish tone. Earnings season kicks off with reports from Delta Air Lines (NYSE:DAL) and PepsiCo (NASDAQ:PEP), while Samsung Electronics (KRX:005930) is expected to report an 18-fold profit surge on Tuesday.
As U.S. cash equities prepare to reopen after the July 4 holiday, the premarket action signals a cautious but growth-oriented start to the week. The regular trading session on the Nasdaq runs from 9:30 a.m. to 4:00 p.m. ET.
