NEW YORK, July 27, 2026, 5:13 a.m. EDT – Nasdaq futures led gains in premarket US trading, with Brent crude falling 6%, as investors braced for a Federal Reserve decision and major technology earnings.
- Futures for the Nasdaq 100 gained 1.49%, outpacing S&P 500 futures by 0.62 percentage point.
- Brent crude dropped 6.3% to $90.60 as Washington and Tehran halted attacks.
- The initial travel basket rose 3.0%, while the average decline for two major oil companies was 3.2%.
U.S. stock index futures advanced before the open on Monday, as declining oil prices reduced concerns over inflation. Trading on the main cash markets will resume at 9:30 a.m. ET.
The most pronounced difference was seen in the gap between growth and broad-market contracts. Nasdaq 100 futures advanced 1.49%, compared to a 0.87% rise for the S&P 500. With a 0.62-point margin, the Nasdaq’s gain was about 70% greater. The divergence signals anticipation of rate cuts, in addition to easing geopolitical risks.
At 4:25 a.m. ET, Reuters’ futures snapshot indicated widespread increases:
| Market gauge | Point move or level | Change |
|---|---|---|
| Dow E-minis | up 443 points | rising 0.85% |
| S&P 500 E-minis | up 65 points | up 0.87% |
| Nasdaq 100 E-minis | higher by 421.75 points | advancing 1.49% |
| Russell 2000 futures | — | gaining 1.20% |
| CBOE VIX | 17.7 | down 0.87 point |
A 6.3% drop in Brent reduced the likelihood of a prompt rate hike. London Stock Exchange Group LON:LSEG placed the chances of a hike this week at 31%. CME Group NASDAQ:CME indicated a 33.7% probability, lower than Friday’s 37.4%. The figures vary somewhat depending on source and timing.
National Australia Bank ASX:NAB chief economist Sally Auld stated that when oil prices are above $100, it “seems to induce de-escalatory behaviour from both sides.” Reuters
Shares sensitive to fuel costs led equity gains. Delta Air Lines NYSE:DAL advanced 2.6%, with American Airlines NASDAQ:AAL up 3.0%. Royal Caribbean Group NYSE:RCL and Carnival NYSE:CCL both rose 3.2%.
Oil producers traded lower. Occidental Petroleum NYSE:OXY declined 3.8% and Exxon Mobil NYSE:XOM dropped 2.6%. Meanwhile, a basic, unweighted travel basket posted a 3.0% increase. In contrast, the two-stock energy basket recorded a 3.2% decrease, resulting in a 6.2-point gap.
These figures are based on early premarket quotes. Prices could shift significantly prior to the opening bell.
Tech stocks benefited from the rate-relief trend. Microsoft NASDAQ:MSFT, Amazon.com NASDAQ:AMZN and Meta Platforms NASDAQ:META all gained over 1%. Apple NASDAQ:AAPL was up 0.3%.
Semiconductor stocks outperformed. Marvell Technology NASDAQ:MRVL climbed 3.5%, and Micron Technology NASDAQ:MU was up 3.2%. Nvidia NASDAQ:NVDA gained 1.2%.
However, Monday’s rebound starts after earlier weakness. The Nasdaq dropped 2.0% over the previous week, while the S&P slipped 0.6%. The Dow declined by 0.4%. The Nasdaq Composite stays 8% under its all-time peak.
This week, roughly a third of S&P 500 firms are set to release their results. According to LSEG IBES figures, year-on-year earnings are projected to rise by 26.5%. With expectations running high, companies have limited leeway for disappointing guidance or escalating AI-related expenses.
Microsoft and Meta are set to report after the close on Wednesday. Amazon and Apple will release results on Thursday. Investors are watching to see if the technology rally on Monday holds up as capital spending comes under further review.
Orders for durable goods in June are set to be released at 8:30 a.m. ET on Monday. The Federal Reserve’s two-day meeting kicks off Tuesday, with its statement expected at 2:00 p.m. on Wednesday, and a press conference set for 2:30 p.m.
Risks: The suspension between the U.S. and Iran is still tenuous. Shipping volumes through the Strait of Hormuz have remained subdued, and Houthi militants have targeted oil infrastructure in Saudi Arabia. An upswing in oil prices could swiftly undo gains from rate relief and recent sector rotation.
The primary indicator to watch will be whether Nasdaq futures outpace the S&P. If the gap holds, it will back the rate-relief narrative. If the spread shrinks, it could mean the geopolitical rally is brief.
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