New York, June 8, 2026, 06:03 (EDT)
Dow futures fell in early trading Monday while Nasdaq 100 futures gained, as chip stocks rallied but oil prices rose again and rate-hike odds climbed, leaving U.S. stock futures mixed.
Dow Jones futures slipped 91 points, or 0.18%, to 50,845 just after 5:30 a.m. EDT. S&P 500 futures were up 22.75 points, or 0.31%, at 7,423.25. Nasdaq 100 futures led with a 199.25-point gain, or 0.69%, to 29,225.75. Futures contracts move before the opening bell and can signal how stocks might open.
Nasdaq’s 4.2% drop on Friday hit the market’s top 2026 trade: AI stocks. Reuters said Asia’s tech rout worsened Monday. Traders now put odds for a December Fed rate hike above 70%, CME FedWatch shows.
Oil prices gained again. Brent crude jumped $4.42, or 4.47%, to $97.15 a barrel. U.S. crude was up $4.07, or 4.50%, now at $94.61. Israeli strikes on Iran and new attacks on Lebanon renewed supply worries. Rising oil often stirs inflation and hits transport, retail and consumer shares.
Chip stocks that sold off last week are bouncing back in premarket trade and pushing the Nasdaq higher. Micron traded up 3.81%, Nvidia moved 1.44% higher, Broadcom was up 1.63% and AMD advanced 2.05% as of about 5:44 a.m. EDT. The Invesco QQQ Trust, which tracks the Nasdaq, also gained 0.76%.
Chip stocks couldn’t recover. U.S.-listed chipmakers dropped around $1.3 trillion in market cap on Friday, Reuters said. The PHLX chip index tumbled 10.3%, marking its sharpest single-day decline since March 2020 after Broadcom’s report raised new worries about AI demand. Nvidia, Micron and AMD shares fell along with the group in the selloff.
Rates aren’t helping either. The Labor Department said Friday nonfarm payrolls were up by 172,000 in May, while unemployment stayed at 4.3%. That keeps the Fed on a hawkish path. Now Goldman Sachs doesn’t see rate cuts from the Fed before 2027, according to Reuters.
Lars Skovgaard, senior investment strategist at Danske Bank, told Reuters, “The big surprise is not that we had a selloff, but that we didn’t have it before.” Marc Velan, who runs investments at Lucerne Asset Management, said this looked more like a “positioning and momentum unwind” and not a change in the long-term AI story. Reuters
Citigroup lifted its S&P 500 target for 2026 to 8,100 from 7,700, pointing to earnings and AI-fueled gains. But the bank flagged questions over how long those AI trends last past 2027. Wall Street strategy desks kept backing the market.
The worry is that Monday’s rally might not hold up. If oil keeps climbing, Treasury yields move higher, or U.S. inflation data this week runs hot, investors could start selling growth stocks that are priced on high future earnings. Ohsung Kwon, chief equity strategist at Wells Fargo, told Reuters, “volatility into the Fed unless CPI comes in soft.” CPI is the key U.S. inflation measure. Reuters
