Pre-Market Update: S&P 500 and Nasdaq Futures Rise as AI Optimism Offsets US-Iran Tensions

TLDR

• Nasdaq 100 futures rose 0.7%, S&P 500 futures added 0.2%, while Dow futures were flat
• US and Iran traded strikes overnight, but markets largely shrugged off the escalation
• SK Hynix’s Nasdaq IPO is set to price Thursday, with demand running at 7x available shares
• Oil prices eased slightly despite ongoing US-Iran hostilities, with Brent sliding to $77.75
• Pepsi earnings showed consumers cutting back on spending due to economic concerns

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US stock futures climbed on Thursday morning as investors pushed past fresh US-Iran tensions and turned their attention to the AI trade.

Nasdaq 100 futures gained 0.6%, S&P 500 futures added 0.2%, and Dow futures edged up less than 0.1%.

E-Mini S&P 500 Sep 26 (ES=F)

The moves come after a rough Wednesday session. The Dow dropped nearly 600 points after President Trump said the ceasefire with Iran was “over,” sending oil prices sharply higher.

Overnight, both sides continued to exchange strikes. The US launched airstrikes on 90 Iranian targets. Iran responded by striking US-allied countries in the Middle East.

Despite that, markets appeared to stabilize. Citi strategist Scott Chronert called it a “short-term reversal,” saying Trump remains focused on ending the conflict.

Oil prices eased slightly on Thursday morning. Brent crude slipped 0.4% to $77.75 a barrel and West Texas Intermediate fell 0.3% to $73.26 a barrel.

The US also revoked a temporary waiver on Iran oil sanctions, which had helped push crude prices higher during Wednesday’s session.

SK Hynix IPO in Focus

Investor attention is shifting toward SK Hynix’s upcoming Nasdaq debut. The South Korean memory chipmaker is set to price its US IPO on Thursday, with its trading debut scheduled for Friday.

Demand for the offering is running at seven times the number of shares available, a sign of strong investor appetite for AI-linked chip stocks.

The listing arrives after a recent sell-off in chip stocks rattled confidence in the AI trade. Investors are watching closely to see if the IPO can help restore momentum.

The 10-year Treasury yield edged down 1 basis point to 4.57%. The US dollar slipped 0.1% against a basket of currencies as demand for safe-haven assets faded.

Consumer Spending and Macro Data

Pepsi reported earnings that showed American consumers pulling back on spending. Revenue still topped expectations, but the results pointed to growing budget pressure from economic uncertainty.

Weekly jobless claims data is due Thursday and could influence expectations for interest rates.

Gold climbed back above $4,100 but faces pressure from a hawkish Fed outlook. Bitcoin edged higher despite the geopolitical uncertainty, following the release of Fed minutes.

European stocks rose at the open as tech and banking shares recovered. South Korea’s tech sector also gained, with analysts pointing to a likely continuation of its chip supercycle.

As of Thursday morning, Nasdaq 100 futures stood at 29,741.50 and S&P 500 futures were at 7,545.

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