NEW YORK, July 21, 2026, 09:04 EDT
- Futures for the Nasdaq 100 climbed 1.16%, while S&P 500 futures gained 0.31%.
- The semiconductor ETF surged 4%, but the chip index is still in a bear market.
- Brent crude rose 1.8% to $90.84, maintaining concerns about inflation.
U.S. stock futures advanced on Tuesday, with semiconductor stocks taking the lead. The main trading session begins at 9:30 a.m. ET. Nasdaq 100 futures were up 1.16% in a late morning update.
The disparity is more significant than the main figure. The Nasdaq rose 3.7 times as much as the S&P 500, and 4.3 times the increase in the Russell 2000.
The rally was driven by chips, not by a broader market move. Futures for both small-cap and blue-chip stocks registered little change. Oil gained close to 2%.
| September futures contract | Level | Change | Market signal |
|---|---|---|---|
| Nasdaq 100 | 29,112.75 | +1.16% | Tech out front |
| S&P 500 | 7,507.75 | +0.31% | Wider market trails |
| Russell 2000 | 2,963.20 | +0.27% | Small cap stocks trail |
| Dow Jones | 52,153.00 | +0.15% | Blue chip lagging |
Prices reflected a 10-minute delay with timestamps near 8:42 a.m. ET.
The iShares Semiconductor ETF NASDAQ:SOXX advanced 4% in premarket trading. However, the Philadelphia chip index closed last Friday more than 20% down from its late-June high. The index was still trading roughly 66% above its level for 2026.
Monday saw more declining stocks than gainers, raising the hurdle for the rebound. On the NYSE, decliners topped advancers by a ratio of 1.72-to-1. Over on the Nasdaq, the ratio stood at 1.8-to-1 in favor of decliners, despite a 0.6% rise in the chip index.
Investors are looking for earnings results to validate the rebound in AI demand. Alphabet NASDAQ:GOOGL and Intel NASDAQ:INTC are due to release their reports later this week. Early consensus figures predict S&P 500 earnings for the second quarter to rise by 26%, compared to the previous forecast of 23.7%.
UBS Group NYSE:UBS Global Wealth Management CIO Mark Haefele stated that “earnings growth should remain a key driver of the equity market.” He anticipates only minimal core-inflation impact arising from shipping disruptions. Reuters
3M NYSE:MMM climbed over 5% following a boost to its adjusted earnings outlook for 2026. The company now expects adjusted EPS between $8.80 and $8.95. Adjusted earnings per share for the quarter rose 11% to $2.40. CEO William Brown noted “robust operating margins of about 25%.” 3M Company
Shares of General Motors NYSE:GM advanced roughly 1% as the company’s core profit jumped 30%. The automaker raised its 2026 adjusted EBIT forecast by $500 million, setting the new range between $14 billion and $16 billion.
Nebius Group NASDAQ:NBIS rose 6.5% following Nvidia’s NASDAQ:NVDA announcement of a 9.3% passive holding. Equifax NYSE:EFX declined 12.4% after its earnings forecast fell short of expectations. Equifax projected adjusted 2026 EPS at $8.39–$8.69, even as it expects 11% revenue growth.
No major national data is scheduled ahead of the open. At 10 a.m. ET, the BLS will release figures on state employment and typical weekly earnings.
Oil continues to act as the primary reference point across markets. Brent increased by 1.8% to reach $90.84, while WTI advanced 1.7% to $84.60, following new U.S.-Iran strikes.
Risks are still balanced on both sides. Increases in oil prices, additional tariffs, or disappointing outlooks from megacaps may reverse the gains. A wider market rally would provide a stronger signal.
The opening half hour will indicate if market breadth aligns with futures. A more robust performance from the Russell and Dow would back a sustained recovery. Ongoing underperformance would keep the rally reliant on chip stocks.
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