U.S. stock futures rise on tech recovery hopes
S&P 500 Futures gained 0.5% to 7,525.0 points, Nasdaq 100 Futures climbed 1.3% to 29,245.25 points, while Dow Jones Futures added 0.3% to 52,247.0 points
U.S. stock index futures rose early-Tuesday with investors eying a recovery in technology stocks ahead of bumper June quarter earnings from the sector due this week.
Some chatter over mediation attempts to de-escalate the Iran-U.S. war also helped, although tit-for-tat strikes between the two countries continued into early Tuesday.
S&P 500 Futures gained 0.5% to 7,525.0 points by 06:45 GMT. Nasdaq 100 Futures climbed 1.3% to 29,245.25 points, while Dow Jones Futures added 0.3% to 52,247.0 points.
Outsized gains in Nasdaq futures pointed to a recovery in tech stocks, after the sector clocked deep losses last week on concerns over bloated artificial intelligence valuations.
Chipmakers were a major driver of recent losses. But the sector now appeared poised for a recovery, with gains in South Korean and Japanese majors on Tuesday also providing a positive lead-in for stock market names.
Focus this week is on a host of megacap tech earnings, with Tesla Inc and Alphabet Inc set to report their June quarter prints on Wednesday.
Other major earnings due this week include General Motors Company, Danaher Corporation, Charles Schwab Corp, and MSCI Inc, which are all set to report on Tuesday.
Philip Morris International Inc, Gevo Inc, Moodys Corporation, CME Group Inc, and Texas Instruments Incorporated are set to report on Wednesday, while chipmaker Intel Corporation will report on Thursday.
Oil prices hit five-week highs on Monday as the renewed Iran-U.S. war largely shut down flows through the Strait of Hormuz, driving up concerns over shrinking inventories worldwide and tightening supplies.
But oil prices declined on Tuesday after reports showed mediators continued to push for renewed peace negotiations between Iran and the U.S.
Iranian and U.S. officials also signalled that they remained open to an eventual resumption in talks, keeping markets hopeful for a de-escalation in their war.